Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,373/mo
Lowest payment- Down payment
- $89,563
- Funds due
- $100,068
- Interest + MI left
- $360,277
- First ends
- Jul 2053
Assumption
Assumption + second
$2,767/mo
+$394/mo- Down payment
- $40,563
- Funds due
- $52,330
- Interest + MI left
- $453,213
- First ends
- Jul 2053
New loan
New conventional
$2,786/mo
+$413/mo- Down payment
- $40,563
- Funds due
- $48,881
- Interest + MI left
- $545,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,437 | $310,437 | $359,437 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,999.28 | $1,999.28 | $2,488.67 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $148.51 | $148.51 | $71.89 |
| Taxes, insurance & HOA | $225.42 | $225.42 | $225.42 |
| Total housing payment | $2,373.20 | $2,767.47 | $2,785.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,563
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$52,330
Earnest money paid−$0
Remaining funds due$52,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$226.25
Prepaid interest, first (1 days)$53.33
Prepaid interest, second (1 days)$12.08
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 6.270%
Interest already paid$66,386Through Nov 2026
Assumption only · ends Jul 2053$360,277
Assumption + second · ends Jul 2053, second Dec 2056$453,213
New conventional · ends Dec 2056$545,039