Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,045/mo
Lowest payment- Down payment
- $111,364
- Funds due
- $123,384
- Interest + MI left
- $482,341
- First ends
- Dec 2053
Assumption
Assumption + second
$3,544/mo
+$499/mo- Down payment
- $49,364
- Funds due
- $62,665
- Interest + MI left
- $599,933
- First ends
- Dec 2053
New loan
New conventional
$3,474/mo
+$429/mo- Down payment
- $49,364
- Funds due
- $59,130
- Interest + MI left
- $668,254
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,636 | $378,636 | $440,636 |
| Second mortgage | — | $62,000 | — |
| First P&I | $2,530.39 | $2,530.39 | $3,050.87 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $179.55 | $179.55 | $88.13 |
| Taxes, insurance & HOA | $335.33 | $335.33 | $335.33 |
| Total housing payment | $3,045.27 | $3,544.14 | $3,474.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,364
Closing costs & prepaids$13,301
Usable credit−$0
Total buyer cash needed$62,665
Earnest money paid−$0
Remaining funds due$62,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$506.00
Prepaid interest, first (2 days)$139.21
Prepaid interest, second (2 days)$30.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing27 yr 1 moOf the original 30-year loan at 6.710%
Interest already paid$75,462Through Nov 2026
Assumption only · ends Dec 2053$482,341
Assumption + second · ends Dec 2053, second Dec 2056$599,933
New conventional · ends Dec 2056$668,254