Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,590/mo
Lowest payment- Down payment
- $53,259
- Funds due
- $63,740
- Interest + MI left
- $403,157
- First ends
- Aug 2053
Assumption
Assumption + second
$2,926/mo
+$336/mo- Down payment
- $20,259
- Funds due
- $32,011
- Interest + MI left
- $491,214
- First ends
- Aug 2053
New loan
New conventional
$2,863/mo
+$273/mo- Down payment
- $20,259
- Funds due
- $28,769
- Interest + MI left
- $562,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,641 | $336,641 | $369,641 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,199.49 | $2,199.49 | $2,559.32 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $160.66 | $160.66 | $73.93 |
| Taxes, insurance & HOA | $229.50 | $229.50 | $229.50 |
| Total housing payment | $2,589.66 | $2,925.93 | $2,862.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,259
Closing costs & prepaids$11,753
Usable credit−$0
Total buyer cash needed$32,011
Earnest money paid−$0
Remaining funds due$32,011
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$238.50
Prepaid interest, first (2 days)$118.61
Prepaid interest, second (2 days)$21.47
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$71,889Through Nov 2026
Assumption only · ends Aug 2053$403,157
Assumption + second · ends Aug 2053, second Dec 2056$491,214
New conventional · ends Dec 2056$562,508