Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,014/mo
Lowest payment- Down payment
- $48,561
- Funds due
- $59,344
- Interest + MI left
- $475,912
- First ends
- Jan 2053
Assumption
Assumption + second
$3,300/mo
+$285/mo- Down payment
- $20,561
- Funds due
- $32,612
- Interest + MI left
- $550,627
- First ends
- Jan 2053
New loan
New conventional
$3,031/mo
+$17/mo- Down payment
- $20,561
- Funds due
- $29,359
- Interest + MI left
- $592,713
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,439 | $361,439 | $389,439 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,489.68 | $2,489.68 | $2,696.40 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $267.77 | $267.77 | $77.89 |
| Taxes, insurance & HOA | $257.00 | $257.00 | $257.00 |
| Total housing payment | $3,014.45 | $3,299.77 | $3,031.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,561
Closing costs & prepaids$12,051
Usable credit−$0
Total buyer cash needed$32,612
Earnest money paid−$0
Remaining funds due$32,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$321.00
Prepaid interest, first (2 days)$136.65
Prepaid interest, second (2 days)$18.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 6.900%
Interest already paid$97,938Through Nov 2026
Assumption only · ends Jan 2053$475,912
Assumption + second · ends Jan 2053, second Dec 2056$550,627
New conventional · ends Dec 2056$592,713