Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,697/mo
Lowest payment- Down payment
- $129,329
- Funds due
- $140,955
- Interest + MI left
- $428,664
- First ends
- Nov 2053
Assumption
Assumption + second
$3,373/mo
+$676/mo- Down payment
- $45,329
- Funds due
- $58,329
- Interest + MI left
- $587,982
- First ends
- Nov 2053
New loan
New conventional
$3,145/mo
+$448/mo- Down payment
- $45,329
- Funds due
- $54,806
- Interest + MI left
- $590,234
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,671 | $319,671 | $403,671 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,215.64 | $2,215.64 | $2,734.61 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $151.56 | $151.56 | $80.73 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $2,696.79 | $3,372.67 | $3,144.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,329
Closing costs & prepaids$13,000
Usable credit−$0
Total buyer cash needed$58,329
Earnest money paid−$0
Remaining funds due$58,329
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Prepaid interest, first (6 days)$371.52
Prepaid interest, second (6 days)$124.27
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 11 moOf the original 30-year loan at 7.07%
Interest already paid$70,962Through Dec 2026
Assumption only · ends Nov 2053$428,664
Assumption + second · ends Nov 2053, second Jan 2057$587,982
New conventional · ends Jan 2057$590,234