Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$619/mo
Lowest payment- Down payment
- $173,600
- Funds due
- $182,527
- Interest + MI left
- $49,061
- First ends
- Jul 2053
Assumption
Assumption + second
$1,734/mo
+$1,115/mo- Down payment
- $21,600
- Funds due
- $31,844
- Interest + MI left
- $298,577
- First ends
- Jul 2053
New loan
New conventional
$1,707/mo
+$1,088/mo- Down payment
- $21,600
- Funds due
- $28,575
- Interest + MI left
- $293,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,400 | $41,400 | $193,400 |
| Second mortgage | — | $152,000 | — |
| First P&I | $269.76 | $269.76 | $1,339.06 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $19.79 | $19.79 | $38.68 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $618.71 | $1,734.04 | $1,706.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,600
Closing costs & prepaids$10,244
Usable credit−$0
Total buyer cash needed$31,844
Earnest money paid−$0
Remaining funds due$31,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$537.50
Prepaid interest, first (2 days)$14.50
Prepaid interest, second (2 days)$66.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.390%
Interest already paid$9,018Through Nov 2026
Assumption only · ends Jul 2053$49,061
Assumption + second · ends Jul 2053, second Dec 2056$298,577
New conventional · ends Dec 2056$293,304