Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,500/mo
+$2/mo- Down payment
- $55,590
- Funds due
- $68,074
- Interest + MI left
- $527,842
- First ends
- Dec 2052
Assumption
Assumption + second
$3,816/mo
+$318/mo- Down payment
- $24,590
- Funds due
- $38,415
- Interest + MI left
- $610,562
- First ends
- Dec 2052
New loan
New conventional
$3,498/mo
Lowest payment- Down payment
- $24,590
- Funds due
- $35,137
- Interest + MI left
- $660,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,410 | $419,410 | $450,410 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,831.27 | $2,831.27 | $3,051.23 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $312.08 | $312.08 | $90.08 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,500.01 | $3,815.90 | $3,497.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,590
Closing costs & prepaids$13,825
Usable credit−$0
Total buyer cash needed$38,415
Earnest money paid−$0
Remaining funds due$38,415
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (9 days)$688.75
Prepaid interest, second (9 days)$90.77
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 yrOf the original 30-year loan at 6.66%
Interest already paid$114,734Through Dec 2026
Assumption only · ends Dec 2052$527,842
Assumption + second · ends Dec 2052, second Jan 2057$610,562
New conventional · ends Jan 2057$660,916