Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
Lowest payment- Down payment
- $52,873
- Funds due
- $64,094
- Interest + MI left
- $403,141
- First ends
- Feb 2053
Assumption
Assumption + second
$3,207/mo
+$346/mo- Down payment
- $18,873
- Funds due
- $31,400
- Interest + MI left
- $493,867
- First ends
- Feb 2053
New loan
New conventional
$2,953/mo
+$91/mo- Down payment
- $18,873
- Funds due
- $28,166
- Interest + MI left
- $522,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,127 | $322,127 | $356,127 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,152.99 | $2,152.99 | $2,412.53 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $239.28 | $239.28 | $71.23 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $2,861.02 | $3,207.49 | $2,952.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,873
Closing costs & prepaids$12,527
Usable credit−$0
Total buyer cash needed$31,400
Earnest money paid−$0
Remaining funds due$31,400
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$290.36
Prepaid interest, second (5 days)$55.31
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 6.58%
Interest already paid$83,355Through Dec 2026
Assumption only · ends Feb 2053$403,141
Assumption + second · ends Feb 2053, second Jan 2057$493,867
New conventional · ends Jan 2057$522,640