Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $51,703
- Funds due
- $61,173
- Interest + MI left
- $300,793
- First ends
- Oct 2053
Assumption
Assumption + second
$2,335/mo
+$377/mo- Down payment
- $14,703
- Funds due
- $25,435
- Interest + MI left
- $399,524
- First ends
- Oct 2053
New loan
New conventional
$2,174/mo
+$216/mo- Down payment
- $14,703
- Funds due
- $22,236
- Interest + MI left
- $403,720
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,297 | $228,297 | $265,297 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,565.96 | $1,565.96 | $1,836.86 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $108.32 | $108.32 | $53.06 |
| Taxes, insurance & HOA | $283.75 | $283.75 | $283.75 |
| Total housing payment | $1,958.03 | $2,335.06 | $2,173.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,703
Closing costs & prepaids$10,732
Usable credit−$0
Total buyer cash needed$25,435
Earnest money paid−$0
Remaining funds due$25,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$401.25
Prepaid interest, first (1 days)$43.53
Prepaid interest, second (1 days)$12.04
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$49,908Through Nov 2026
Assumption only · ends Oct 2053$300,793
Assumption + second · ends Oct 2053, second Dec 2056$399,524
New conventional · ends Dec 2056$403,720