Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,077/mo
Lowest payment- Down payment
- $66,604
- Funds due
- $78,221
- Interest + MI left
- $460,390
- First ends
- Feb 2053
Assumption
Assumption + second
$3,526/mo
+$448/mo- Down payment
- $22,604
- Funds due
- $35,571
- Interest + MI left
- $577,799
- First ends
- Feb 2053
New loan
New conventional
$3,236/mo
+$159/mo- Down payment
- $22,604
- Funds due
- $32,305
- Interest + MI left
- $612,326
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,296 | $373,296 | $417,296 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,473.70 | $2,473.70 | $2,826.91 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $277.51 | $277.51 | $83.46 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $3,077.20 | $3,525.56 | $3,236.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,604
Closing costs & prepaids$12,967
Usable credit−$0
Total buyer cash needed$35,571
Earnest money paid−$0
Remaining funds due$35,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Prepaid interest, first (7 days)$464.63
Prepaid interest, second (7 days)$100.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.49%
Interest already paid$95,313Through Dec 2026
Assumption only · ends Feb 2053$460,390
Assumption + second · ends Feb 2053, second Jan 2057$577,799
New conventional · ends Jan 2057$612,326