Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $61,816
- Funds due
- $73,111
- Interest + MI left
- $456,010
- First ends
- Jan 2053
Assumption
Assumption + second
$3,349/mo
+$418/mo- Down payment
- $20,816
- Funds due
- $33,481
- Interest + MI left
- $565,414
- First ends
- Jan 2053
New loan
New conventional
$2,954/mo
+$23/mo- Down payment
- $20,816
- Funds due
- $30,183
- Interest + MI left
- $556,255
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,084 | $338,084 | $379,084 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,370.73 | $2,370.73 | $2,568.05 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $250.38 | $250.38 | $75.82 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,931.11 | $3,348.90 | $2,953.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,816
Closing costs & prepaids$12,664
Usable credit−$0
Total buyer cash needed$33,481
Earnest money paid−$0
Remaining funds due$33,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$590.21
Prepaid interest, second (9 days)$120.05
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 1 moOf the original 30-year loan at 7.08%
Interest already paid$96,029Through Dec 2026
Assumption only · ends Jan 2053$456,010
Assumption + second · ends Jan 2053, second Jan 2057$565,414
New conventional · ends Jan 2057$556,255