Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,546/mo
Lowest payment- Down payment
- $46,575
- Funds due
- $57,176
- Interest + MI left
- $393,412
- First ends
- Sep 2053
Assumption
Assumption + second
$2,832/mo
+$285/mo- Down payment
- $18,575
- Funds due
- $30,481
- Interest + MI left
- $468,128
- First ends
- Sep 2053
New loan
New conventional
$2,675/mo
+$128/mo- Down payment
- $18,575
- Funds due
- $27,248
- Interest + MI left
- $500,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,325 | $313,325 | $341,325 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,103.19 | $2,103.19 | $2,312.25 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $149.23 | $149.23 | $68.27 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $2,546.42 | $2,831.74 | $2,674.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,575
Closing costs & prepaids$11,906
Usable credit−$0
Total buyer cash needed$30,481
Earnest money paid−$0
Remaining funds due$30,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (6 days)$345.60
Prepaid interest, second (6 days)$54.66
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$69,750Through Dec 2026
Assumption only · ends Sep 2053$393,412
Assumption + second · ends Sep 2053, second Jan 2057$468,128
New conventional · ends Jan 2057$500,848