Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,779/mo
Lowest payment- Down payment
- $59,237
- Funds due
- $70,514
- Interest + MI left
- $436,567
- First ends
- Oct 2053
Assumption
Assumption + second
$3,176/mo
+$397/mo- Down payment
- $20,237
- Funds due
- $32,878
- Interest + MI left
- $540,635
- First ends
- Oct 2053
New loan
New conventional
$2,959/mo
+$180/mo- Down payment
- $20,237
- Funds due
- $29,612
- Interest + MI left
- $557,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,763 | $340,763 | $379,763 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,306.77 | $2,306.77 | $2,572.65 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $162.01 | $162.01 | $75.95 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,778.78 | $3,176.20 | $2,958.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,237
Closing costs & prepaids$12,641
Usable credit−$0
Total buyer cash needed$32,878
Earnest money paid−$0
Remaining funds due$32,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (9 days)$572.20
Prepaid interest, second (9 days)$114.20
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$74,942Through Dec 2026
Assumption only · ends Oct 2053$436,567
Assumption + second · ends Oct 2053, second Jan 2057$540,635
New conventional · ends Jan 2057$557,327