Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,585/mo
Lowest payment- Down payment
- $80,919
- Funds due
- $91,738
- Interest + MI left
- $383,763
- First ends
- Jun 2053
Assumption
Assumption + second
$2,899/mo
+$314/mo- Down payment
- $41,919
- Funds due
- $53,998
- Interest + MI left
- $457,732
- First ends
- Jun 2053
New loan
New conventional
$2,917/mo
+$332/mo- Down payment
- $41,919
- Funds due
- $50,536
- Interest + MI left
- $557,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,981 | $328,981 | $367,981 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,131.64 | $2,131.64 | $2,547.83 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $157.51 | $157.51 | $73.60 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,585.16 | $2,898.96 | $2,917.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,919
Closing costs & prepaids$12,079
Usable credit−$0
Total buyer cash needed$53,998
Earnest money paid−$0
Remaining funds due$53,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$438.00
Prepaid interest, first (1 days)$56.96
Prepaid interest, second (1 days)$9.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 7 moOf the original 30-year loan at 6.320%
Interest already paid$72,718Through Nov 2026
Assumption only · ends Jun 2053$383,763
Assumption + second · ends Jun 2053, second Dec 2056$457,732
New conventional · ends Dec 2056$557,994