Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,819/mo
Lowest payment- Down payment
- $60,388
- Funds due
- $71,490
- Interest + MI left
- $412,374
- First ends
- Feb 2053
Assumption
Assumption + second
$3,247/mo
+$428/mo- Down payment
- $18,388
- Funds due
- $30,808
- Interest + MI left
- $524,447
- First ends
- Feb 2053
New loan
New conventional
$2,878/mo
+$58/mo- Down payment
- $18,388
- Funds due
- $27,551
- Interest + MI left
- $508,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,612 | $304,612 | $346,612 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,133.65 | $2,133.65 | $2,348.07 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $225.34 | $225.34 | $69.32 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $2,819.25 | $3,247.23 | $2,877.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,388
Closing costs & prepaids$12,420
Usable credit−$0
Total buyer cash needed$30,808
Earnest money paid−$0
Remaining funds due$30,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Prepaid interest, first (5 days)$295.43
Prepaid interest, second (5 days)$68.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7.08%
Interest already paid$84,629Through Dec 2026
Assumption only · ends Feb 2053$412,374
Assumption + second · ends Feb 2053, second Jan 2057$524,447
New conventional · ends Jan 2057$508,676