Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,412/mo
Lowest payment- Down payment
- $47,755
- Funds due
- $58,719
- Interest + MI left
- $286,391
- First ends
- Oct 2053
Assumption
Assumption + second
$2,759/mo
+$346/mo- Down payment
- $13,755
- Funds due
- $25,992
- Interest + MI left
- $377,117
- First ends
- Oct 2053
New loan
New conventional
$2,646/mo
+$234/mo- Down payment
- $13,755
- Funds due
- $22,804
- Interest + MI left
- $397,530
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,195 | $227,195 | $261,195 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,518.73 | $1,518.73 | $1,808.46 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $107.98 | $107.98 | $52.24 |
| Taxes, insurance & HOA | $785.50 | $785.50 | $785.50 |
| Total housing payment | $2,412.22 | $2,758.68 | $2,646.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,755
Closing costs & prepaids$12,236
Usable credit−$0
Total buyer cash needed$25,992
Earnest money paid−$0
Remaining funds due$25,992
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.50
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)$1,906.50
Prepaid interest, first (2 days)$83.28
Prepaid interest, second (2 days)$22.12
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 11 moOf the original 30-year loan at 6.690%
Interest already paid$47,785Through Nov 2026
Assumption only · ends Oct 2053$286,391
Assumption + second · ends Oct 2053, second Dec 2056$377,117
New conventional · ends Dec 2056$397,530