Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,637/mo
Lowest payment- Down payment
- $75,246
- Funds due
- $86,388
- Interest + MI left
- $422,070
- First ends
- Nov 2053
Assumption
Assumption + second
$2,926/mo
+$290/mo- Down payment
- $39,246
- Funds due
- $51,718
- Interest + MI left
- $490,349
- First ends
- Nov 2053
New loan
New conventional
$2,752/mo
+$115/mo- Down payment
- $39,246
- Funds due
- $48,268
- Interest + MI left
- $512,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,753 | $314,753 | $350,753 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,181.55 | $2,181.55 | $2,376.12 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $149.23 | $149.23 | $70.15 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,636.79 | $2,926.45 | $2,752.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,246
Closing costs & prepaids$12,472
Usable credit−$0
Total buyer cash needed$51,718
Earnest money paid−$0
Remaining funds due$51,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Prepaid interest, first (9 days)$548.71
Prepaid interest, second (9 days)$79.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$69,871Through Dec 2026
Assumption only · ends Nov 2053$422,070
Assumption + second · ends Nov 2053, second Jan 2057$490,349
New conventional · ends Jan 2057$512,859