Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,003/mo
Lowest payment- Down payment
- $73,198
- Funds due
- $83,344
- Interest + MI left
- $294,839
- First ends
- Jun 2053
Assumption
Assumption + second
$2,333/mo
+$330/mo- Down payment
- $32,198
- Funds due
- $43,685
- Interest + MI left
- $372,601
- First ends
- Jun 2053
New loan
New conventional
$2,248/mo
+$245/mo- Down payment
- $32,198
- Funds due
- $40,330
- Interest + MI left
- $413,447
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,802 | $241,802 | $282,802 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,611.59 | $1,611.59 | $1,915.80 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $115.66 | $115.66 | $56.56 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $2,003.25 | $2,333.14 | $2,248.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,198
Closing costs & prepaids$11,487
Usable credit−$0
Total buyer cash needed$43,685
Earnest money paid−$0
Remaining funds due$43,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (9 days)$393.51
Prepaid interest, second (9 days)$90.99
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 6 moOf the original 30-year loan at 6.6%
Interest already paid$57,149Through Dec 2026
Assumption only · ends Jun 2053$294,839
Assumption + second · ends Jun 2053, second Jan 2057$372,601
New conventional · ends Jan 2057$413,447