Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $84,309
- Funds due
- $94,720
- Interest + MI left
- $300,639
- First ends
- Aug 2053
Assumption
Assumption + second
$2,462/mo
+$402/mo- Down payment
- $34,309
- Funds due
- $46,081
- Interest + MI left
- $395,471
- First ends
- Aug 2053
New loan
New conventional
$2,403/mo
+$344/mo- Down payment
- $34,309
- Funds due
- $42,714
- Interest + MI left
- $443,986
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,691 | $253,691 | $303,691 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,653.04 | $1,653.04 | $2,057.31 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $121.25 | $121.25 | $60.74 |
| Taxes, insurance & HOA | $285.17 | $285.17 | $285.17 |
| Total housing payment | $2,059.46 | $2,461.77 | $2,403.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,309
Closing costs & prepaids$11,771
Usable credit−$0
Total buyer cash needed$46,081
Earnest money paid−$0
Remaining funds due$46,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$405.50
Prepaid interest, first (9 days)$399.72
Prepaid interest, second (9 days)$110.96
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$55,262Through Dec 2026
Assumption only · ends Aug 2053$300,639
Assumption + second · ends Aug 2053, second Jan 2057$395,471
New conventional · ends Jan 2057$443,986