Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
Lowest payment- Down payment
- $49,263
- Funds due
- $58,935
- Interest + MI left
- $332,064
- First ends
- Nov 2053
Assumption
Assumption + second
$2,457/mo
+$336/mo- Down payment
- $16,263
- Funds due
- $27,195
- Interest + MI left
- $420,122
- First ends
- Nov 2053
New loan
New conventional
$2,342/mo
+$221/mo- Down payment
- $16,263
- Funds due
- $23,984
- Interest + MI left
- $446,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,737 | $260,737 | $293,737 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,747.75 | $1,747.75 | $2,033.78 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $123.76 | $123.76 | $58.75 |
| Taxes, insurance & HOA | $249.58 | $249.58 | $249.58 |
| Total housing payment | $2,121.09 | $2,457.36 | $2,342.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,263
Closing costs & prepaids$10,933
Usable credit−$0
Total buyer cash needed$27,195
Earnest money paid−$0
Remaining funds due$27,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$298.75
Prepaid interest, first (1 days)$48.08
Prepaid interest, second (1 days)$10.74
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 closing27 yrOf the original 30-year loan at 6.730%
Interest already paid$53,637Through Nov 2026
Assumption only · ends Nov 2053$332,064
Assumption + second · ends Nov 2053, second Dec 2056$420,122
New conventional · ends Dec 2056$446,999