Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $56,617
- Funds due
- $65,477
- Interest + MI left
- $214,269
- First ends
- Jul 2053
Assumption
Assumption + second
$1,748/mo
+$257/mo- Down payment
- $24,617
- Funds due
- $34,735
- Interest + MI left
- $274,962
- First ends
- Jul 2053
New loan
New conventional
$1,748/mo
+$257/mo- Down payment
- $24,617
- Funds due
- $31,443
- Interest + MI left
- $325,040
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,383 | $182,383 | $214,383 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,182.64 | $1,182.64 | $1,484.34 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $87.20 | $87.20 | $42.88 |
| Taxes, insurance & HOA | $221.08 | $221.08 | $221.08 |
| Total housing payment | $1,490.92 | $1,748.40 | $1,748.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,617
Closing costs & prepaids$10,118
Usable credit−$0
Total buyer cash needed$34,735
Earnest money paid−$0
Remaining funds due$34,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$213.25
Prepaid interest, first (1 days)$31.68
Prepaid interest, second (1 days)$7.89
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$39,426Through Nov 2026
Assumption only · ends Jul 2053$214,269
Assumption + second · ends Jul 2053, second Dec 2056$274,962
New conventional · ends Dec 2056$325,040