Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,711/mo
Lowest payment- Down payment
- $108,733
- Funds due
- $120,209
- Interest + MI left
- $414,371
- First ends
- Feb 2053
Assumption
Assumption + second
$3,242/mo
+$531/mo- Down payment
- $42,733
- Funds due
- $55,605
- Interest + MI left
- $539,549
- First ends
- Feb 2053
New loan
New conventional
$2,957/mo
+$246/mo- Down payment
- $42,733
- Funds due
- $52,116
- Interest + MI left
- $553,012
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,266 | $312,266 | $378,266 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,161.02 | $2,161.02 | $2,562.51 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $231.25 | $231.25 | $75.65 |
| Taxes, insurance & HOA | $318.42 | $318.42 | $318.42 |
| Total housing payment | $2,710.68 | $3,241.73 | $2,956.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,733
Closing costs & prepaids$12,872
Usable credit−$0
Total buyer cash needed$55,605
Earnest money paid−$0
Remaining funds due$55,605
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,209.99
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)$505.25
Prepaid interest, first (9 days)$535.13
Prepaid interest, second (9 days)$146.47
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 2 moOf the original 30-year loan at 6.95%
Interest already paid$85,209Through Dec 2026
Assumption only · ends Feb 2053$414,371
Assumption + second · ends Feb 2053, second Jan 2057$539,549
New conventional · ends Jan 2057$553,012