Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $331,814
- Funds due
- $344,750
- Interest + MI left
- $273,988
- First ends
- Nov 2053
Assumption
Assumption + second
$3,911/mo
+$1,984/mo- Down payment
- $54,814
- Funds due
- $69,529
- Interest + MI left
- $711,394
- First ends
- Nov 2053
New loan
New conventional
$3,803/mo
+$1,876/mo- Down payment
- $54,814
- Funds due
- $65,912
- Interest + MI left
- $716,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,086 | $213,086 | $490,086 |
| Second mortgage | — | $277,000 | — |
| First P&I | $1,440.90 | $1,440.90 | $3,320.01 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $101.20 | $101.20 | $98.02 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $1,926.77 | $3,911.23 | $3,802.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,814
Closing costs & prepaids$14,715
Usable credit−$0
Total buyer cash needed$69,529
Earnest money paid−$0
Remaining funds due$69,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$654.00
Prepaid interest, first (9 days)$357.81
Prepaid interest, second (9 days)$529.34
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 11 moOf the original 30-year loan at 6.81%
Interest already paid$45,602Through Dec 2026
Assumption only · ends Nov 2053$273,988
Assumption + second · ends Nov 2053, second Jan 2057$711,394
New conventional · ends Jan 2057$716,587