Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$343/mo
Lowest payment- Down payment
- $250,282
- Funds due
- $259,377
- Interest + MI left
- $22,957
- First ends
- May 2053
Assumption
Assumption + second
$1,940/mo
+$1,598/mo- Down payment
- $27,282
- Funds due
- $37,674
- Interest + MI left
- $375,092
- First ends
- May 2053
New loan
New conventional
$1,931/mo
+$1,588/mo- Down payment
- $27,282
- Funds due
- $34,349
- Interest + MI left
- $366,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,718 | $18,718 | $241,718 |
| Second mortgage | — | $223,000 | — |
| First P&I | $125.23 | $125.23 | $1,673.61 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $8.85 | $8.85 | $48.34 |
| Taxes, insurance & HOA | $208.75 | $208.75 | $208.75 |
| Total housing payment | $342.83 | $1,940.43 | $1,930.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,282
Closing costs & prepaids$10,392
Usable credit−$0
Total buyer cash needed$37,674
Earnest money paid−$0
Remaining funds due$37,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$176.25
Prepaid interest, first (1 days)$3.41
Prepaid interest, second (1 days)$47.35
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 6 moOf the original 29-year loan at 6.640%
Interest already paid$3,160Through Nov 2026
Assumption only · ends May 2053$22,957
Assumption + second · ends May 2053, second Dec 2056$375,092
New conventional · ends Dec 2056$366,533