Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,740/mo
Lowest payment- Down payment
- $64,754
- Funds due
- $76,021
- Interest + MI left
- $424,982
- First ends
- Aug 2053
Assumption
Assumption + second
$3,188/mo
+$448/mo- Down payment
- $20,754
- Funds due
- $33,399
- Interest + MI left
- $542,391
- First ends
- Aug 2053
New loan
New conventional
$2,955/mo
+$215/mo- Down payment
- $20,754
- Funds due
- $30,123
- Interest + MI left
- $556,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,246 | $335,246 | $379,246 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,270.09 | $2,270.09 | $2,569.14 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $159.76 | $159.76 | $75.85 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,739.86 | $3,188.22 | $2,954.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,754
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$33,399
Earnest money paid−$0
Remaining funds due$33,399
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)$561.28
Prepaid interest, second (9 days)$128.84
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 6.79%
Interest already paid$77,479Through Dec 2026
Assumption only · ends Aug 2053$424,982
Assumption + second · ends Aug 2053, second Jan 2057$542,391
New conventional · ends Jan 2057$556,492