Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $50,689
- Funds due
- $59,722
- Interest + MI left
- $218,866
- First ends
- Sep 2053
Assumption
Assumption + second
$1,718/mo
+$225/mo- Down payment
- $22,689
- Funds due
- $33,034
- Interest + MI left
- $271,972
- First ends
- Sep 2053
New loan
New conventional
$1,651/mo
+$158/mo- Down payment
- $22,689
- Funds due
- $29,765
- Interest + MI left
- $295,812
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,311 | $174,311 | $202,311 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,170.06 | $1,170.06 | $1,370.53 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $83.02 | $83.02 | $40.46 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $1,493.08 | $1,718.38 | $1,650.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,689
Closing costs & prepaids$10,346
Usable credit−$0
Total buyer cash needed$33,034
Earnest money paid−$0
Remaining funds due$33,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Prepaid interest, first (9 days)$288.40
Prepaid interest, second (9 days)$62.14
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$38,804Through Dec 2026
Assumption only · ends Sep 2053$218,866
Assumption + second · ends Sep 2053, second Jan 2057$271,972
New conventional · ends Jan 2057$295,812