Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $43,690
- Funds due
- $53,242
- Interest + MI left
- $298,560
- First ends
- Jul 2053
Assumption
Assumption + second
$2,306/mo
+$285/mo- Down payment
- $15,690
- Funds due
- $26,501
- Interest + MI left
- $373,276
- First ends
- Jul 2053
New loan
New conventional
$2,261/mo
+$240/mo- Down payment
- $15,690
- Funds due
- $23,298
- Interest + MI left
- $429,280
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,130 | $254,130 | $282,130 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,647.87 | $1,647.87 | $1,953.41 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $121.51 | $121.51 | $56.43 |
| Taxes, insurance & HOA | $251.58 | $251.58 | $251.58 |
| Total housing payment | $2,020.96 | $2,306.28 | $2,261.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,690
Closing costs & prepaids$10,811
Usable credit−$0
Total buyer cash needed$26,501
Earnest money paid−$0
Remaining funds due$26,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,978.20
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)$304.75
Prepaid interest, first (1 days)$44.14
Prepaid interest, second (1 days)$9.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$54,936Through Nov 2026
Assumption only · ends Jul 2053$298,560
Assumption + second · ends Jul 2053, second Dec 2056$373,276
New conventional · ends Dec 2056$429,280