Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,207/mo
Lowest payment- Down payment
- $88,673
- Funds due
- $99,315
- Interest + MI left
- $334,401
- First ends
- Sep 2053
Assumption
Assumption + second
$2,633/mo
+$426/mo- Down payment
- $35,673
- Funds due
- $47,683
- Interest + MI left
- $434,923
- First ends
- Sep 2053
New loan
New conventional
$2,519/mo
+$313/mo- Down payment
- $35,673
- Funds due
- $44,283
- Interest + MI left
- $466,909
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,327 | $266,327 | $319,327 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,787.71 | $1,787.71 | $2,163.23 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $126.85 | $126.85 | $63.87 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $2,206.56 | $2,633.01 | $2,519.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,673
Closing costs & prepaids$12,009
Usable credit−$0
Total buyer cash needed$47,683
Earnest money paid−$0
Remaining funds due$47,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Prepaid interest, first (9 days)$440.64
Prepaid interest, second (9 days)$117.62
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$59,287Through Dec 2026
Assumption only · ends Sep 2053$334,401
Assumption + second · ends Sep 2053, second Jan 2057$434,923
New conventional · ends Jan 2057$466,909