Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,183/mo
Lowest payment- Down payment
- $48,820
- Funds due
- $58,953
- Interest + MI left
- $293,919
- First ends
- Jul 2053
Assumption
Assumption + second
$2,520/mo
+$336/mo- Down payment
- $15,820
- Funds due
- $27,214
- Interest + MI left
- $381,977
- First ends
- Jul 2053
New loan
New conventional
$2,459/mo
+$275/mo- Down payment
- $15,820
- Funds due
- $24,008
- Interest + MI left
- $430,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,180 | $250,180 | $283,180 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,622.26 | $1,622.26 | $1,960.68 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $119.62 | $119.62 | $56.64 |
| Taxes, insurance & HOA | $441.42 | $441.42 | $441.42 |
| Total housing payment | $2,183.29 | $2,519.56 | $2,458.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,820
Closing costs & prepaids$11,393
Usable credit−$0
Total buyer cash needed$27,214
Earnest money paid−$0
Remaining funds due$27,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$874.25
Prepaid interest, first (1 days)$43.46
Prepaid interest, second (1 days)$10.74
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$54,082Through Nov 2026
Assumption only · ends Jul 2053$293,919
Assumption + second · ends Jul 2053, second Dec 2056$381,977
New conventional · ends Dec 2056$430,877