Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
Lowest payment- Down payment
- $114,406
- Funds due
- $125,268
- Interest + MI left
- $367,916
- First ends
- Mar 2053
Assumption
Assumption + second
$3,050/mo
+$579/mo- Down payment
- $42,406
- Funds due
- $54,554
- Interest + MI left
- $504,474
- First ends
- Mar 2053
New loan
New conventional
$2,939/mo
+$468/mo- Down payment
- $42,406
- Funds due
- $51,090
- Interest + MI left
- $568,022
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,594 | $302,594 | $374,594 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,975.49 | $1,975.49 | $2,593.61 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $224.65 | $224.65 | $74.92 |
| Taxes, insurance & HOA | $270.50 | $270.50 | $270.50 |
| Total housing payment | $2,470.63 | $3,049.96 | $2,939.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,406
Closing costs & prepaids$12,147
Usable credit−$0
Total buyer cash needed$54,554
Earnest money paid−$0
Remaining funds due$54,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,170.00
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)$361.50
Prepaid interest, first (2 days)$105.45
Prepaid interest, second (2 days)$35.51
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$72,366Through Nov 2026
Assumption only · ends Mar 2053$367,916
Assumption + second · ends Mar 2053, second Dec 2056$504,474
New conventional · ends Dec 2056$568,022