Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,712/mo
Lowest payment- Down payment
- $36,164
- Funds due
- $45,577
- Interest + MI left
- $207,432
- First ends
- Jul 2053
Assumption
Assumption + second
$1,967/mo
+$255/mo- Down payment
- $11,164
- Funds due
- $21,843
- Interest + MI left
- $274,142
- First ends
- Jul 2053
New loan
New conventional
$1,927/mo
+$215/mo- Down payment
- $11,164
- Funds due
- $18,686
- Interest + MI left
- $310,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,736 | $178,736 | $203,736 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,151.10 | $1,151.10 | $1,410.63 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $85.51 | $85.51 | $40.75 |
| Taxes, insurance & HOA | $475.83 | $475.83 | $475.83 |
| Total housing payment | $1,712.44 | $1,967.19 | $1,927.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,164
Closing costs & prepaids$10,679
Usable credit−$0
Total buyer cash needed$21,843
Earnest money paid−$0
Remaining funds due$21,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$977.50
Prepaid interest, first (2 days)$61.41
Prepaid interest, second (2 days)$16.27
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 6.270%
Interest already paid$38,222Through Nov 2026
Assumption only · ends Jul 2053$207,432
Assumption + second · ends Jul 2053, second Dec 2056$274,142
New conventional · ends Dec 2056$310,039