Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $41,005
- Funds due
- $49,993
- Interest + MI left
- $262,344
- First ends
- Aug 2053
Assumption
Assumption + second
$2,012/mo
+$285/mo- Down payment
- $13,005
- Funds due
- $23,252
- Interest + MI left
- $337,059
- First ends
- Aug 2053
New loan
New conventional
$1,932/mo
+$205/mo- Down payment
- $13,005
- Funds due
- $20,073
- Interest + MI left
- $368,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,895 | $213,895 | $241,895 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,416.58 | $1,416.58 | $1,674.83 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $101.98 | $101.98 | $48.38 |
| Taxes, insurance & HOA | $208.33 | $208.33 | $208.33 |
| Total housing payment | $1,726.89 | $2,012.21 | $1,931.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,005
Closing costs & prepaids$10,247
Usable credit−$0
Total buyer cash needed$23,252
Earnest money paid−$0
Remaining funds due$23,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$175.00
Prepaid interest, first (1 days)$38.50
Prepaid interest, second (1 days)$9.11
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$46,646Through Nov 2026
Assumption only · ends Aug 2053$262,344
Assumption + second · ends Aug 2053, second Dec 2056$337,059
New conventional · ends Dec 2056$368,108