Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,619/mo
Lowest payment- Down payment
- $108,383
- Funds due
- $119,167
- Interest + MI left
- $416,355
- First ends
- Feb 2053
Assumption
Assumption + second
$3,150/mo
+$531/mo- Down payment
- $42,383
- Funds due
- $54,450
- Interest + MI left
- $541,533
- First ends
- Feb 2053
New loan
New conventional
$2,924/mo
+$305/mo- Down payment
- $42,383
- Funds due
- $50,978
- Interest + MI left
- $574,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,616 | $312,616 | $378,616 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,161.02 | $2,161.02 | $2,621.46 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $231.25 | $231.25 | $75.72 |
| Taxes, insurance & HOA | $226.75 | $226.75 | $226.75 |
| Total housing payment | $2,619.02 | $3,150.07 | $2,923.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,383
Closing costs & prepaids$12,067
Usable credit−$0
Total buyer cash needed$54,450
Earnest money paid−$0
Remaining funds due$54,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,209.99
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)$230.25
Prepaid interest, first (2 days)$119.05
Prepaid interest, second (2 days)$32.55
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 3 moOf the original 30-year loan at 6.950%
Interest already paid$83,398Through Nov 2026
Assumption only · ends Feb 2053$416,355
Assumption + second · ends Feb 2053, second Dec 2056$541,533
New conventional · ends Dec 2056$574,197