Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,302/mo
Lowest payment- Down payment
- $66,224
- Funds due
- $76,779
- Interest + MI left
- $355,396
- First ends
- Oct 2053
Assumption
Assumption + second
$2,552/mo
+$249/mo- Down payment
- $35,224
- Funds due
- $47,098
- Interest + MI left
- $414,192
- First ends
- Oct 2053
New loan
New conventional
$2,448/mo
+$146/mo- Down payment
- $35,224
- Funds due
- $43,709
- Interest + MI left
- $452,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,776 | $278,776 | $309,776 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,881.76 | $1,881.76 | $2,098.53 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $132.57 | $132.57 | $61.96 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $2,302.32 | $2,551.76 | $2,448.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,224
Closing costs & prepaids$11,874
Usable credit−$0
Total buyer cash needed$47,098
Earnest money paid−$0
Remaining funds due$47,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (9 days)$466.05
Prepaid interest, second (9 days)$68.79
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 6.78%
Interest already paid$61,046Through Dec 2026
Assumption only · ends Oct 2053$355,396
Assumption + second · ends Oct 2053, second Jan 2057$414,192
New conventional · ends Jan 2057$452,882