Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,515/mo
Lowest payment- Down payment
- $56,836
- Funds due
- $66,023
- Interest + MI left
- $213,239
- First ends
- Jul 2053
Assumption
Assumption + second
$1,773/mo
+$257/mo- Down payment
- $24,836
- Funds due
- $35,344
- Interest + MI left
- $273,931
- First ends
- Jul 2053
New loan
New conventional
$1,739/mo
+$224/mo- Down payment
- $24,836
- Funds due
- $32,069
- Interest + MI left
- $313,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,164 | $182,164 | $214,164 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,182.64 | $1,182.64 | $1,450.82 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $87.20 | $87.20 | $42.83 |
| Taxes, insurance & HOA | $245.58 | $245.58 | $245.58 |
| Total housing payment | $1,515.42 | $1,772.90 | $1,739.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,836
Closing costs & prepaids$10,508
Usable credit−$0
Total buyer cash needed$35,344
Earnest money paid−$0
Remaining funds due$35,344
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$286.75
Prepaid interest, first (9 days)$284.77
Prepaid interest, second (9 days)$71.01
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$40,390Through Dec 2026
Assumption only · ends Jul 2053$213,239
Assumption + second · ends Jul 2053, second Jan 2057$273,931
New conventional · ends Jan 2057$313,058