Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,704/mo
Lowest payment- Down payment
- $95,229
- Funds due
- $106,386
- Interest + MI left
- $407,986
- First ends
- Jun 2053
Assumption
Assumption + second
$3,122/mo
+$418/mo- Down payment
- $43,229
- Funds due
- $55,661
- Interest + MI left
- $506,611
- First ends
- Jun 2053
New loan
New conventional
$3,083/mo
+$379/mo- Down payment
- $43,229
- Funds due
- $52,190
- Interest + MI left
- $589,597
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,771 | $336,771 | $388,771 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,229.07 | $2,229.07 | $2,691.77 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $160.97 | $160.97 | $77.75 |
| Taxes, insurance & HOA | $313.58 | $313.58 | $313.58 |
| Total housing payment | $2,703.62 | $3,122.02 | $3,083.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,229
Closing costs & prepaids$12,432
Usable credit−$0
Total buyer cash needed$55,661
Earnest money paid−$0
Remaining funds due$55,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,320.00
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)$490.75
Prepaid interest, first (2 days)$120.68
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 7 moOf the original 30-year loan at 6.540%
Interest already paid$76,963Through Nov 2026
Assumption only · ends Jun 2053$407,986
Assumption + second · ends Jun 2053, second Dec 2056$506,611
New conventional · ends Dec 2056$589,597