Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,039/mo
Lowest payment- Down payment
- $43,995
- Funds due
- $53,953
- Interest + MI left
- $297,125
- First ends
- Jul 2053
Assumption
Assumption + second
$2,334/mo
+$296/mo- Down payment
- $14,995
- Funds due
- $26,288
- Interest + MI left
- $374,508
- First ends
- Jul 2053
New loan
New conventional
$2,242/mo
+$203/mo- Down payment
- $14,995
- Funds due
- $23,106
- Interest + MI left
- $415,064
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,825 | $253,825 | $282,825 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,647.87 | $1,647.87 | $1,915.96 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $121.51 | $121.51 | $56.57 |
| Taxes, insurance & HOA | $269.17 | $269.17 | $269.17 |
| Total housing payment | $2,038.55 | $2,334.06 | $2,241.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,995
Closing costs & prepaids$11,292
Usable credit−$0
Total buyer cash needed$26,288
Earnest money paid−$0
Remaining funds due$26,288
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,978.20
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)$357.50
Prepaid interest, first (9 days)$396.80
Prepaid interest, second (9 days)$84.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 6.34%
Interest already paid$56,279Through Dec 2026
Assumption only · ends Jul 2053$297,125
Assumption + second · ends Jul 2053, second Jan 2057$374,508
New conventional · ends Jan 2057$415,064