Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,576/mo
Lowest payment- Down payment
- $65,703
- Funds due
- $76,203
- Interest + MI left
- $398,932
- First ends
- Jun 2053
Assumption
Assumption + second
$2,785/mo
+$209/mo- Down payment
- $39,703
- Funds due
- $51,459
- Interest + MI left
- $448,245
- First ends
- Jun 2053
New loan
New conventional
$2,770/mo
+$194/mo- Down payment
- $39,703
- Funds due
- $48,019
- Interest + MI left
- $538,832
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,297 | $329,297 | $355,297 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,179.60 | $2,179.60 | $2,460.00 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $157.39 | $157.39 | $71.06 |
| Taxes, insurance & HOA | $238.67 | $238.67 | $238.67 |
| Total housing payment | $2,575.66 | $2,784.86 | $2,769.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,703
Closing costs & prepaids$11,756
Usable credit−$0
Total buyer cash needed$51,459
Earnest money paid−$0
Remaining funds due$51,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$266.00
Prepaid interest, first (1 days)$59.00
Prepaid interest, second (1 days)$6.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$75,255Through Nov 2026
Assumption only · ends Jun 2053$398,932
Assumption + second · ends Jun 2053, second Dec 2056$448,245
New conventional · ends Dec 2056$538,832