Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,228/mo
Lowest payment- Down payment
- $48,146
- Funds due
- $60,064
- Interest + MI left
- $474,434
- First ends
- Sep 2053
Assumption
Assumption + second
$3,493/mo
+$265/mo- Down payment
- $22,146
- Funds due
- $35,356
- Interest + MI left
- $543,813
- First ends
- Sep 2053
New loan
New conventional
$3,329/mo
+$100/mo- Down payment
- $22,146
- Funds due
- $32,093
- Interest + MI left
- $592,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,853 | $377,853 | $403,853 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,536.33 | $2,536.33 | $2,735.84 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $179.97 | $179.97 | $80.77 |
| Taxes, insurance & HOA | $512.08 | $512.08 | $512.08 |
| Total housing payment | $3,228.38 | $3,493.32 | $3,328.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,146
Closing costs & prepaids$13,211
Usable credit−$0
Total buyer cash needed$35,356
Earnest money paid−$0
Remaining funds due$35,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,259.99
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)$1,086.25
Prepaid interest, first (5 days)$347.31
Prepaid interest, second (5 days)$42.29
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$84,114Through Dec 2026
Assumption only · ends Sep 2053$474,434
Assumption + second · ends Sep 2053, second Jan 2057$543,813
New conventional · ends Jan 2057$592,600