Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
Lowest payment- Down payment
- $48,891
- Funds due
- $58,277
- Interest + MI left
- $304,623
- First ends
- Aug 2053
Assumption
Assumption + second
$2,308/mo
+$346/mo- Down payment
- $14,891
- Funds due
- $25,538
- Interest + MI left
- $395,349
- First ends
- Aug 2053
New loan
New conventional
$2,182/mo
+$220/mo- Down payment
- $14,891
- Funds due
- $22,340
- Interest + MI left
- $418,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,009 | $241,009 | $275,009 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,623.97 | $1,623.97 | $1,904.11 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $114.76 | $114.76 | $55.00 |
| Taxes, insurance & HOA | $222.58 | $222.58 | $222.58 |
| Total housing payment | $1,961.31 | $2,307.77 | $2,181.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,891
Closing costs & prepaids$10,647
Usable credit−$0
Total buyer cash needed$25,538
Earnest money paid−$0
Remaining funds due$25,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$217.75
Prepaid interest, first (1 days)$44.57
Prepaid interest, second (1 days)$11.06
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 9 moOf the original 30-year loan at 6.750%
Interest already paid$53,963Through Nov 2026
Assumption only · ends Aug 2053$304,623
Assumption + second · ends Aug 2053, second Dec 2056$395,349
New conventional · ends Dec 2056$418,500