Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,035/mo
Lowest payment- Down payment
- $151,831
- Funds due
- $162,918
- Interest + MI left
- $283,754
- First ends
- Apr 2053
Assumption
Assumption + second
$2,849/mo
+$814/mo- Down payment
- $40,831
- Funds due
- $53,387
- Interest + MI left
- $465,966
- First ends
- Apr 2053
New loan
New conventional
$2,814/mo
+$780/mo- Down payment
- $40,831
- Funds due
- $49,962
- Interest + MI left
- $524,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,069 | $248,069 | $359,069 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,605.48 | $1,605.48 | $2,432.46 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $119.26 | $119.26 | $71.81 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,034.74 | $2,849.22 | $2,814.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,831
Closing costs & prepaids$12,556
Usable credit−$0
Total buyer cash needed$53,387
Earnest money paid−$0
Remaining funds due$53,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (9 days)$383.52
Prepaid interest, second (9 days)$218.96
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$58,510Through Dec 2026
Assumption only · ends Apr 2053$283,754
Assumption + second · ends Apr 2053, second Jan 2057$465,966
New conventional · ends Jan 2057$524,946