Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
Lowest payment- Down payment
- $104,309
- Funds due
- $115,477
- Interest + MI left
- $346,132
- First ends
- Jul 2053
Assumption
Assumption + second
$2,886/mo
+$515/mo- Down payment
- $40,309
- Funds due
- $52,869
- Interest + MI left
- $467,517
- First ends
- Jul 2053
New loan
New conventional
$2,819/mo
+$447/mo- Down payment
- $40,309
- Funds due
- $49,448
- Interest + MI left
- $525,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,691 | $295,691 | $359,691 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,919.67 | $1,919.67 | $2,436.67 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $141.55 | $141.55 | $71.94 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,371.22 | $2,886.18 | $2,818.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,309
Closing costs & prepaids$12,559
Usable credit−$0
Total buyer cash needed$52,869
Earnest money paid−$0
Remaining funds due$52,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (9 days)$462.25
Prepaid interest, second (9 days)$142.03
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 7 moOf the original 30-year loan at 6.34%
Interest already paid$65,561Through Dec 2026
Assumption only · ends Jul 2053$346,132
Assumption + second · ends Jul 2053, second Jan 2057$467,517
New conventional · ends Jan 2057$525,928