Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,829/mo
Lowest payment- Down payment
- $161,243
- Funds due
- $173,847
- Interest + MI left
- $406,896
- First ends
- Feb 2053
Assumption
Assumption + second
$3,644/mo
+$814/mo- Down payment
- $50,243
- Funds due
- $64,316
- Interest + MI left
- $589,108
- First ends
- Feb 2053
New loan
New conventional
$3,503/mo
+$674/mo- Down payment
- $50,243
- Funds due
- $60,812
- Interest + MI left
- $657,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,756 | $338,756 | $449,756 |
| Second mortgage | — | $111,000 | — |
| First P&I | $2,210.65 | $2,210.65 | $3,046.80 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $252.18 | $252.18 | $89.95 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,829.50 | $3,643.97 | $3,503.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,243
Closing costs & prepaids$14,073
Usable credit−$0
Total buyer cash needed$64,316
Earnest money paid−$0
Remaining funds due$64,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Prepaid interest, first (9 days)$528.74
Prepaid interest, second (9 days)$218.96
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 2 moOf the original 30-year loan at 6.33%
Interest already paid$84,424Through Dec 2026
Assumption only · ends Feb 2053$406,896
Assumption + second · ends Feb 2053, second Jan 2057$589,108
New conventional · ends Jan 2057$657,618