Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,710/mo
Lowest payment- Down payment
- $88,623
- Funds due
- $100,150
- Interest + MI left
- $406,027
- First ends
- Jun 2053
Assumption
Assumption + second
$3,080/mo
+$370/mo- Down payment
- $42,623
- Funds due
- $55,502
- Interest + MI left
- $493,273
- First ends
- Jun 2053
New loan
New conventional
$2,987/mo
+$277/mo- Down payment
- $42,623
- Funds due
- $52,059
- Interest + MI left
- $559,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,377 | $336,377 | $382,377 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,229.07 | $2,229.07 | $2,590.35 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $160.97 | $160.97 | $76.48 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,710.04 | $3,080.16 | $2,986.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,623
Closing costs & prepaids$12,880
Usable credit−$0
Total buyer cash needed$55,502
Earnest money paid−$0
Remaining funds due$55,502
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$542.44
Prepaid interest, second (9 days)$102.08
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$78,798Through Dec 2026
Assumption only · ends Jun 2053$406,027
Assumption + second · ends Jun 2053, second Jan 2057$493,273
New conventional · ends Jan 2057$559,098