Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$733/mo
Lowest payment- Down payment
- $350,241
- Funds due
- $361,152
- Interest + MI left
- $72,231
- First ends
- Oct 2053
Assumption
Assumption + second
$2,947/mo
+$2,214/mo- Down payment
- $41,241
- Funds due
- $53,993
- Interest + MI left
- $560,168
- First ends
- Oct 2053
New loan
New conventional
$2,885/mo
+$2,152/mo- Down payment
- $41,241
- Funds due
- $50,497
- Interest + MI left
- $539,040
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,659 | $59,659 | $368,659 |
| Second mortgage | — | $309,000 | — |
| First P&I | $391.61 | $391.61 | $2,497.42 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $27.41 | $27.41 | $73.73 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $733.02 | $2,946.73 | $2,885.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,241
Closing costs & prepaids$12,752
Usable credit−$0
Total buyer cash needed$53,993
Earnest money paid−$0
Remaining funds due$53,993
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Prepaid interest, first (9 days)$95.47
Prepaid interest, second (9 days)$590.49
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 27-year loan at 6.49%
Interest already paid$646Through Dec 2026
Assumption only · ends Oct 2053$72,231
Assumption + second · ends Oct 2053, second Jan 2057$560,168
New conventional · ends Jan 2057$539,040