Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
Lowest payment- Down payment
- $64,155
- Funds due
- $74,095
- Interest + MI left
- $270,983
- First ends
- Apr 2053
Assumption
Assumption + second
$2,183/mo
+$274/mo- Down payment
- $30,155
- Funds due
- $41,421
- Interest + MI left
- $335,468
- First ends
- Apr 2053
New loan
New conventional
$2,145/mo
+$235/mo- Down payment
- $30,155
- Funds due
- $38,103
- Interest + MI left
- $393,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,845 | $234,845 | $268,845 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,527.27 | $1,527.27 | $1,821.25 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $112.85 | $112.85 | $53.77 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,909.71 | $2,183.28 | $2,144.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,155
Closing costs & prepaids$11,265
Usable credit−$0
Total buyer cash needed$41,421
Earnest money paid−$0
Remaining funds due$41,421
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$365.97
Prepaid interest, second (9 days)$75.45
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 6.32%
Interest already paid$55,820Through Dec 2026
Assumption only · ends Apr 2053$270,983
Assumption + second · ends Apr 2053, second Jan 2057$335,468
New conventional · ends Jan 2057$393,096