Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,429/mo
Lowest payment- Down payment
- $280,979
- Funds due
- $292,087
- Interest + MI left
- $193,333
- First ends
- Jul 2053
Assumption
Assumption + second
$3,119/mo
+$1,691/mo- Down payment
- $44,979
- Funds due
- $57,387
- Interest + MI left
- $565,997
- First ends
- Jul 2053
New loan
New conventional
$3,127/mo
+$1,698/mo- Down payment
- $44,979
- Funds due
- $53,889
- Interest + MI left
- $603,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,021 | $162,021 | $398,021 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,059.83 | $1,059.83 | $2,755.82 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $77.41 | $77.41 | $79.60 |
| Taxes, insurance & HOA | $291.42 | $291.42 | $291.42 |
| Total housing payment | $1,428.66 | $3,119.40 | $3,126.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,979
Closing costs & prepaids$12,408
Usable credit−$0
Total buyer cash needed$57,387
Earnest money paid−$0
Remaining funds due$57,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,430.00
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)$424.25
Prepaid interest, first (1 days)$28.54
Prepaid interest, second (1 days)$50.11
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 6.430%
Interest already paid$35,509Through Nov 2026
Assumption only · ends Jul 2053$193,333
Assumption + second · ends Jul 2053, second Dec 2056$565,997
New conventional · ends Dec 2056$603,546