Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,622/mo
Lowest payment- Down payment
- $64,383
- Funds due
- $74,798
- Interest + MI left
- $427,007
- First ends
- Aug 2053
Assumption
Assumption + second
$3,071/mo
+$448/mo- Down payment
- $20,383
- Funds due
- $32,062
- Interest + MI left
- $544,416
- First ends
- Aug 2053
New loan
New conventional
$2,897/mo
+$274/mo- Down payment
- $20,383
- Funds due
- $28,809
- Interest + MI left
- $577,689
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,617 | $335,617 | $379,617 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,270.09 | $2,270.09 | $2,628.39 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $159.76 | $159.76 | $75.92 |
| Taxes, insurance & HOA | $192.50 | $192.50 | $192.50 |
| Total housing payment | $2,622.36 | $3,070.72 | $2,896.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,383
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$32,062
Earnest money paid−$0
Remaining funds due$32,062
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$127.50
Prepaid interest, first (1 days)$62.43
Prepaid interest, second (1 days)$14.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.790%
Interest already paid$75,580Through Nov 2026
Assumption only · ends Aug 2053$427,007
Assumption + second · ends Aug 2053, second Dec 2056$544,416
New conventional · ends Dec 2056$577,689