Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,160/mo
Lowest payment- Down payment
- $88,377
- Funds due
- $98,537
- Interest + MI left
- $335,992
- First ends
- Sep 2053
Assumption
Assumption + second
$2,579/mo
+$418/mo- Down payment
- $36,377
- Funds due
- $47,813
- Interest + MI left
- $434,617
- First ends
- Sep 2053
New loan
New conventional
$2,516/mo
+$355/mo- Down payment
- $36,377
- Funds due
- $44,405
- Interest + MI left
- $483,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,623 | $266,623 | $318,623 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,787.71 | $1,787.71 | $2,206.08 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $126.85 | $126.85 | $63.72 |
| Taxes, insurance & HOA | $245.92 | $245.92 | $245.92 |
| Total housing payment | $2,160.47 | $2,578.88 | $2,515.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,377
Closing costs & prepaids$11,436
Usable credit−$0
Total buyer cash needed$47,813
Earnest money paid−$0
Remaining funds due$47,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$287.75
Prepaid interest, first (2 days)$98.03
Prepaid interest, second (2 days)$25.64
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$57,796Through Nov 2026
Assumption only · ends Sep 2053$335,992
Assumption + second · ends Sep 2053, second Dec 2056$434,617
New conventional · ends Dec 2056$483,149