Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
Lowest payment- Down payment
- $106,910
- Funds due
- $117,719
- Interest + MI left
- $412,250
- First ends
- Jan 2053
Assumption
Assumption + second
$3,142/mo
+$515/mo- Down payment
- $42,910
- Funds due
- $55,000
- Interest + MI left
- $533,635
- First ends
- Jan 2053
New loan
New conventional
$2,925/mo
+$298/mo- Down payment
- $42,910
- Funds due
- $51,524
- Interest + MI left
- $571,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,090 | $313,090 | $377,090 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,156.64 | $2,156.64 | $2,610.89 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $231.95 | $231.95 | $75.42 |
| Taxes, insurance & HOA | $238.33 | $238.33 | $238.33 |
| Total housing payment | $2,626.92 | $3,141.88 | $2,924.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,910
Closing costs & prepaids$12,090
Usable credit−$0
Total buyer cash needed$55,000
Earnest money paid−$0
Remaining funds due$55,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$265.00
Prepaid interest, first (2 days)$118.37
Prepaid interest, second (2 days)$31.56
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$84,837Through Nov 2026
Assumption only · ends Jan 2053$412,250
Assumption + second · ends Jan 2053, second Dec 2056$533,635
New conventional · ends Dec 2056$571,807