Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,016/mo
Lowest payment- Down payment
- $84,009
- Funds due
- $93,935
- Interest + MI left
- $302,085
- First ends
- Aug 2053
Assumption
Assumption + second
$2,419/mo
+$402/mo- Down payment
- $34,009
- Funds due
- $45,197
- Interest + MI left
- $396,917
- First ends
- Aug 2053
New loan
New conventional
$2,408/mo
+$391/mo- Down payment
- $34,009
- Funds due
- $41,812
- Interest + MI left
- $461,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,991 | $253,991 | $303,991 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,653.04 | $1,653.04 | $2,104.77 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $121.25 | $121.25 | $60.80 |
| Taxes, insurance & HOA | $242.08 | $242.08 | $242.08 |
| Total housing payment | $2,016.38 | $2,418.69 | $2,407.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,009
Closing costs & prepaids$11,188
Usable credit−$0
Total buyer cash needed$45,197
Earnest money paid−$0
Remaining funds due$45,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$276.25
Prepaid interest, first (1 days)$44.47
Prepaid interest, second (1 days)$12.33
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 9 moOf the original 30-year loan at 6.390%
Interest already paid$53,910Through Nov 2026
Assumption only · ends Aug 2053$302,085
Assumption + second · ends Aug 2053, second Dec 2056$396,917
New conventional · ends Dec 2056$461,023