Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,934/mo
Lowest payment- Down payment
- $46,945
- Funds due
- $56,641
- Interest + MI left
- $299,382
- First ends
- Oct 2053
Assumption
Assumption + second
$2,271/mo
+$336/mo- Down payment
- $13,945
- Funds due
- $24,988
- Interest + MI left
- $387,439
- First ends
- Oct 2053
New loan
New conventional
$2,081/mo
+$146/mo- Down payment
- $13,945
- Funds due
- $21,773
- Interest + MI left
- $383,115
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,055 | $228,055 | $261,055 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,565.96 | $1,565.96 | $1,768.48 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $108.32 | $108.32 | $52.21 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,934.28 | $2,270.55 | $2,080.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,945
Closing costs & prepaids$11,043
Usable credit−$0
Total buyer cash needed$24,988
Earnest money paid−$0
Remaining funds due$24,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (9 days)$391.38
Prepaid interest, second (9 days)$96.63
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$51,232Through Dec 2026
Assumption only · ends Oct 2053$299,382
Assumption + second · ends Oct 2053, second Jan 2057$387,439
New conventional · ends Jan 2057$383,115