Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $74,860
- Funds due
- $85,654
- Interest + MI left
- $410,758
- First ends
- Apr 2053
Assumption
Assumption + second
$2,932/mo
+$257/mo- Down payment
- $42,860
- Funds due
- $54,920
- Interest + MI left
- $471,450
- First ends
- Apr 2053
New loan
New conventional
$2,919/mo
+$245/mo- Down payment
- $42,860
- Funds due
- $51,456
- Interest + MI left
- $571,731
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,040 | $345,040 | $377,040 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,276.03 | $2,276.03 | $2,610.55 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $165.39 | $165.39 | $75.41 |
| Taxes, insurance & HOA | $232.67 | $232.67 | $232.67 |
| Total housing payment | $2,674.08 | $2,931.56 | $2,918.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,860
Closing costs & prepaids$12,060
Usable credit−$0
Total buyer cash needed$54,920
Earnest money paid−$0
Remaining funds due$54,920
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$248.00
Prepaid interest, first (2 days)$122.51
Prepaid interest, second (2 days)$15.78
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 5 moOf the original 30-year loan at 6.480%
Interest already paid$82,066Through Nov 2026
Assumption only · ends Apr 2053$410,758
Assumption + second · ends Apr 2053, second Dec 2056$471,450
New conventional · ends Dec 2056$571,731