Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $39,955
- Funds due
- $49,203
- Interest + MI left
- $260,691
- First ends
- Jun 2053
Assumption
Assumption + second
$2,087/mo
+$265/mo- Down payment
- $13,955
- Funds due
- $24,462
- Interest + MI left
- $330,070
- First ends
- Jun 2053
New loan
New conventional
$2,050/mo
+$228/mo- Down payment
- $13,955
- Funds due
- $21,276
- Interest + MI left
- $382,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,045 | $225,045 | $251,045 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,452.52 | $1,452.52 | $1,738.18 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $107.78 | $107.78 | $50.21 |
| Taxes, insurance & HOA | $261.58 | $261.58 | $261.58 |
| Total housing payment | $1,821.88 | $2,086.82 | $2,049.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,955
Closing costs & prepaids$10,507
Usable credit−$0
Total buyer cash needed$24,462
Earnest money paid−$0
Remaining funds due$24,462
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$334.75
Prepaid interest, first (1 days)$38.72
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 7 moOf the original 30-year loan at 6.280%
Interest already paid$49,438Through Nov 2026
Assumption only · ends Jun 2053$260,691
Assumption + second · ends Jun 2053, second Dec 2056$330,070
New conventional · ends Dec 2056$382,032