Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,627/mo
Lowest payment- Down payment
- $83,096
- Funds due
- $94,254
- Interest + MI left
- $393,666
- First ends
- Mar 2053
Assumption
Assumption + second
$2,973/mo
+$346/mo- Down payment
- $40,096
- Funds due
- $52,599
- Interest + MI left
- $475,221
- First ends
- Mar 2053
New loan
New conventional
$2,783/mo
+$156/mo- Down payment
- $40,096
- Funds due
- $49,172
- Interest + MI left
- $518,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,904 | $311,904 | $354,904 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,088.13 | $2,088.13 | $2,404.24 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $231.35 | $231.35 | $70.98 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,627.48 | $2,973.47 | $2,783.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,096
Closing costs & prepaids$12,503
Usable credit−$0
Total buyer cash needed$52,599
Earnest money paid−$0
Remaining funds due$52,599
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$508.36
Prepaid interest, second (9 days)$95.42
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 3 moOf the original 30-year loan at 6.61%
Interest already paid$79,252Through Dec 2026
Assumption only · ends Mar 2053$393,666
Assumption + second · ends Mar 2053, second Jan 2057$475,221
New conventional · ends Jan 2057$518,857