Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,081/mo
Lowest payment- Down payment
- $151,523
- Funds due
- $162,407
- Interest + MI left
- $285,141
- First ends
- Apr 2053
Assumption
Assumption + second
$2,895/mo
+$814/mo- Down payment
- $40,523
- Funds due
- $52,682
- Interest + MI left
- $467,353
- First ends
- Apr 2053
New loan
New conventional
$2,916/mo
+$835/mo- Down payment
- $40,523
- Funds due
- $49,232
- Interest + MI left
- $544,948
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,377 | $248,377 | $359,377 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,605.48 | $1,605.48 | $2,488.25 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $119.26 | $119.26 | $71.88 |
| Taxes, insurance & HOA | $355.83 | $355.83 | $355.83 |
| Total housing payment | $2,080.57 | $2,895.05 | $2,915.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,523
Closing costs & prepaids$12,158
Usable credit−$0
Total buyer cash needed$52,682
Earnest money paid−$0
Remaining funds due$52,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$617.50
Prepaid interest, first (1 days)$42.67
Prepaid interest, second (1 days)$24.33
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$57,213Through Nov 2026
Assumption only · ends Apr 2053$285,141
Assumption + second · ends Apr 2053, second Dec 2056$467,353
New conventional · ends Dec 2056$544,948