Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $42,080
- Funds due
- $52,105
- Interest + MI left
- $339,422
- First ends
- Jan 2053
Assumption
Assumption + second
$2,518/mo
+$275/mo- Down payment
- $15,080
- Funds due
- $26,434
- Interest + MI left
- $411,469
- First ends
- Jan 2053
New loan
New conventional
$2,257/mo
+$14/mo- Down payment
- $15,080
- Funds due
- $23,219
- Interest + MI left
- $418,139
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,920 | $257,920 | $284,920 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,781.96 | $1,781.96 | $1,930.15 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $191.26 | $191.26 | $56.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $2,243.22 | $2,518.35 | $2,257.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,080
Closing costs & prepaids$11,354
Usable credit−$0
Total buyer cash needed$26,434
Earnest money paid−$0
Remaining funds due$26,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (9 days)$440.09
Prepaid interest, second (9 days)$79.06
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 1 moOf the original 30-year loan at 6.92%
Interest already paid$71,653Through Dec 2026
Assumption only · ends Jan 2053$339,422
Assumption + second · ends Jan 2053, second Jan 2057$411,469
New conventional · ends Jan 2057$418,139