Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$683/mo
Lowest payment- Down payment
- $350,172
- Funds due
- $360,860
- Interest + MI left
- $72,576
- First ends
- Oct 2053
Assumption
Assumption + second
$2,897/mo
+$2,214/mo- Down payment
- $41,172
- Funds due
- $53,241
- Interest + MI left
- $560,513
- First ends
- Oct 2053
New loan
New conventional
$2,891/mo
+$2,208/mo- Down payment
- $41,172
- Funds due
- $49,777
- Interest + MI left
- $559,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,728 | $59,728 | $368,728 |
| Second mortgage | — | $309,000 | — |
| First P&I | $391.61 | $391.61 | $2,553.00 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $27.41 | $27.41 | $73.75 |
| Taxes, insurance & HOA | $264.25 | $264.25 | $264.25 |
| Total housing payment | $683.27 | $2,896.98 | $2,890.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,172
Closing costs & prepaids$12,069
Usable credit−$0
Total buyer cash needed$53,241
Earnest money paid−$0
Remaining funds due$53,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$342.75
Prepaid interest, first (2 days)$21.24
Prepaid interest, second (2 days)$131.22
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 11 moOf the original 27-year loan at 6.490%
Interest already paid$323Through Nov 2026
Assumption only · ends Oct 2053$72,576
Assumption + second · ends Oct 2053, second Dec 2056$560,513
New conventional · ends Dec 2056$559,201