Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $63,867
- Funds due
- $73,389
- Interest + MI left
- $272,305
- First ends
- Apr 2053
Assumption
Assumption + second
$2,145/mo
+$266/mo- Down payment
- $30,867
- Funds due
- $41,647
- Interest + MI left
- $334,894
- First ends
- Apr 2053
New loan
New conventional
$2,149/mo
+$270/mo- Down payment
- $30,867
- Funds due
- $38,295
- Interest + MI left
- $406,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,133 | $235,133 | $268,133 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,527.27 | $1,527.27 | $1,856.50 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $112.85 | $112.85 | $53.63 |
| Taxes, insurance & HOA | $239.00 | $239.00 | $239.00 |
| Total housing payment | $1,879.12 | $2,144.65 | $2,149.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,867
Closing costs & prepaids$10,781
Usable credit−$0
Total buyer cash needed$41,647
Earnest money paid−$0
Remaining funds due$41,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$267.00
Prepaid interest, first (1 days)$40.71
Prepaid interest, second (1 days)$8.14
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 6.320%
Interest already paid$54,582Through Nov 2026
Assumption only · ends Apr 2053$272,305
Assumption + second · ends Apr 2053, second Dec 2056$334,894
New conventional · ends Dec 2056$406,534