Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $82,728
- Funds due
- $93,214
- Interest + MI left
- $395,559
- First ends
- Mar 2053
Assumption
Assumption + second
$2,881/mo
+$346/mo- Down payment
- $39,728
- Funds due
- $51,485
- Interest + MI left
- $477,114
- First ends
- Mar 2053
New loan
New conventional
$2,747/mo
+$211/mo- Down payment
- $39,728
- Funds due
- $48,047
- Interest + MI left
- $538,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,272 | $312,272 | $355,272 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,088.13 | $2,088.13 | $2,459.83 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $231.35 | $231.35 | $71.05 |
| Taxes, insurance & HOA | $215.83 | $215.83 | $215.83 |
| Total housing payment | $2,535.31 | $2,881.30 | $2,746.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,728
Closing costs & prepaids$11,757
Usable credit−$0
Total buyer cash needed$51,485
Earnest money paid−$0
Remaining funds due$51,485
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)$197.50
Prepaid interest, first (2 days)$113.10
Prepaid interest, second (2 days)$21.21
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 6.610%
Interest already paid$77,532Through Nov 2026
Assumption only · ends Mar 2053$395,559
Assumption + second · ends Mar 2053, second Dec 2056$477,114
New conventional · ends Dec 2056$538,794