Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $58,161
- Funds due
- $68,198
- Interest + MI left
- $262,090
- First ends
- Oct 2053
Assumption
Assumption + second
$2,252/mo
+$217/mo- Down payment
- $31,161
- Funds due
- $42,455
- Interest + MI left
- $313,299
- First ends
- Oct 2053
New loan
New conventional
$2,331/mo
+$297/mo- Down payment
- $31,161
- Funds due
- $39,104
- Interest + MI left
- $410,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,839 | $243,839 | $270,839 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,449.74 | $1,449.74 | $1,875.23 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $182.96 | $182.96 | $54.17 |
| Taxes, insurance & HOA | $401.67 | $401.67 | $401.67 |
| Total housing payment | $2,034.36 | $2,251.61 | $2,331.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,161
Closing costs & prepaids$11,293
Usable credit−$0
Total buyer cash needed$42,455
Earnest money paid−$0
Remaining funds due$42,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,020.00
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)$755.00
Prepaid interest, first (1 days)$36.81
Prepaid interest, second (1 days)$6.66
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 31-year loan at 5.510%
Interest already paid$56,582Through Nov 2026
Assumption only · ends Oct 2053$262,090
Assumption + second · ends Oct 2053, second Dec 2056$313,299
New conventional · ends Dec 2056$410,637