Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,685/mo
Lowest payment- Down payment
- $58,866
- Funds due
- $69,416
- Interest + MI left
- $438,633
- First ends
- Oct 2053
Assumption
Assumption + second
$3,072/mo
+$387/mo- Down payment
- $20,866
- Funds due
- $32,690
- Interest + MI left
- $540,033
- First ends
- Oct 2053
New loan
New conventional
$2,917/mo
+$232/mo- Down payment
- $20,866
- Funds due
- $29,434
- Interest + MI left
- $576,954
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,134 | $341,134 | $379,134 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,306.77 | $2,306.77 | $2,625.05 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $162.01 | $162.01 | $75.83 |
| Taxes, insurance & HOA | $215.83 | $215.83 | $215.83 |
| Total housing payment | $2,684.62 | $3,071.84 | $2,916.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,866
Closing costs & prepaids$11,825
Usable credit−$0
Total buyer cash needed$32,690
Earnest money paid−$0
Remaining funds due$32,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$197.50
Prepaid interest, first (2 days)$127.29
Prepaid interest, second (2 days)$24.73
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$73,006Through Nov 2026
Assumption only · ends Oct 2053$438,633
Assumption + second · ends Oct 2053, second Dec 2056$540,033
New conventional · ends Dec 2056$576,954