Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,461/mo
Lowest payment- Down payment
- $272,171
- Funds due
- $283,513
- Interest + MI left
- $192,405
- First ends
- Jul 2053
Assumption
Assumption + second
$3,094/mo
+$1,633/mo- Down payment
- $44,171
- Funds due
- $57,199
- Interest + MI left
- $552,436
- First ends
- Jul 2053
New loan
New conventional
$3,042/mo
+$1,582/mo- Down payment
- $44,171
- Funds due
- $53,705
- Interest + MI left
- $569,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,829 | $161,829 | $389,829 |
| Second mortgage | — | $228,000 | — |
| First P&I | $1,059.83 | $1,059.83 | $2,640.84 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $77.41 | $77.41 | $77.97 |
| Taxes, insurance & HOA | $323.58 | $323.58 | $323.58 |
| Total housing payment | $1,460.83 | $3,094.25 | $3,042.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,171
Closing costs & prepaids$13,028
Usable credit−$0
Total buyer cash needed$57,199
Earnest money paid−$0
Remaining funds due$57,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,340.00
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)$520.75
Prepaid interest, first (9 days)$256.58
Prepaid interest, second (9 days)$435.70
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 6.43%
Interest already paid$36,377Through Dec 2026
Assumption only · ends Jul 2053$192,405
Assumption + second · ends Jul 2053, second Jan 2057$552,436
New conventional · ends Jan 2057$569,917