Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,885/mo
Lowest payment- Down payment
- $42,184
- Funds due
- $51,395
- Interest + MI left
- $286,270
- First ends
- May 2053
Assumption
Assumption + second
$2,170/mo
+$285/mo- Down payment
- $14,184
- Funds due
- $24,654
- Interest + MI left
- $360,986
- First ends
- May 2053
New loan
New conventional
$2,073/mo
+$188/mo- Down payment
- $14,184
- Funds due
- $21,464
- Interest + MI left
- $396,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,816 | $232,816 | $260,816 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,559.13 | $1,559.13 | $1,805.84 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $111.31 | $111.31 | $52.16 |
| Taxes, insurance & HOA | $214.50 | $214.50 | $214.50 |
| Total housing payment | $1,884.95 | $2,170.27 | $2,072.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,184
Closing costs & prepaids$10,470
Usable credit−$0
Total buyer cash needed$24,654
Earnest money paid−$0
Remaining funds due$24,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$193.50
Prepaid interest, first (1 days)$42.42
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$55,431Through Nov 2026
Assumption only · ends May 2053$286,270
Assumption + second · ends May 2053, second Dec 2056$360,986
New conventional · ends Dec 2056$396,901