Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
Lowest payment- Down payment
- $53,654
- Funds due
- $64,779
- Interest + MI left
- $401,228
- First ends
- Aug 2053
Assumption
Assumption + second
$3,013/mo
+$346/mo- Down payment
- $19,654
- Funds due
- $32,129
- Interest + MI left
- $491,954
- First ends
- Aug 2053
New loan
New conventional
$2,888/mo
+$222/mo- Down payment
- $19,654
- Funds due
- $28,905
- Interest + MI left
- $543,360
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,246 | $336,246 | $370,246 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,199.49 | $2,199.49 | $2,508.18 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $160.66 | $160.66 | $74.05 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,666.16 | $3,012.62 | $2,888.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,654
Closing costs & prepaids$12,475
Usable credit−$0
Total buyer cash needed$32,129
Earnest money paid−$0
Remaining funds due$32,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (9 days)$533.11
Prepaid interest, second (9 days)$99.55
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$73,693Through Dec 2026
Assumption only · ends Aug 2053$401,228
Assumption + second · ends Aug 2053, second Jan 2057$491,954
New conventional · ends Jan 2057$543,360