Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,309/mo
Lowest payment- Down payment
- $106,045
- Funds due
- $118,498
- Interest + MI left
- $504,845
- First ends
- Feb 2053
Assumption
Assumption + second
$3,760/mo
+$451/mo- Down payment
- $50,045
- Funds due
- $63,831
- Interest + MI left
- $611,057
- First ends
- Feb 2053
New loan
New conventional
$3,467/mo
+$158/mo- Down payment
- $50,045
- Funds due
- $60,288
- Interest + MI left
- $650,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,855 | $388,855 | $444,855 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,656.05 | $2,656.05 | $3,013.60 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $288.29 | $288.29 | $88.97 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $3,309.01 | $3,759.59 | $3,467.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,045
Closing costs & prepaids$13,786
Usable credit−$0
Total buyer cash needed$63,831
Earnest money paid−$0
Remaining funds due$63,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.00
Prepaid interest, first (6 days)$435.30
Prepaid interest, second (6 days)$82.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2 moOf the original 30-year loan at 6.81%
Interest already paid$104,033Through Dec 2026
Assumption only · ends Feb 2053$504,845
Assumption + second · ends Feb 2053, second Jan 2057$611,057
New conventional · ends Jan 2057$650,452