Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $41,787
- Funds due
- $51,379
- Interest + MI left
- $341,052
- First ends
- Jan 2053
Assumption
Assumption + second
$2,494/mo
+$265/mo- Down payment
- $15,787
- Funds due
- $26,638
- Interest + MI left
- $410,431
- First ends
- Jan 2053
New loan
New conventional
$2,281/mo
+$51/mo- Down payment
- $15,787
- Funds due
- $23,430
- Interest + MI left
- $432,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,213 | $258,213 | $284,213 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,781.96 | $1,781.96 | $1,967.83 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $191.26 | $191.26 | $56.84 |
| Taxes, insurance & HOA | $256.08 | $256.08 | $256.08 |
| Total housing payment | $2,229.31 | $2,494.25 | $2,280.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,787
Closing costs & prepaids$10,851
Usable credit−$0
Total buyer cash needed$26,638
Earnest money paid−$0
Remaining funds due$26,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$318.25
Prepaid interest, first (1 days)$48.95
Prepaid interest, second (1 days)$8.46
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 2 moOf the original 30-year loan at 6.920%
Interest already paid$70,164Through Nov 2026
Assumption only · ends Jan 2053$341,052
Assumption + second · ends Jan 2053, second Dec 2056$410,431
New conventional · ends Dec 2056$432,506