Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,275/mo
Lowest payment- Down payment
- $144,979
- Funds due
- $155,714
- Interest + MI left
- $348,958
- First ends
- Jan 2053
Assumption
Assumption + second
$3,038/mo
+$763/mo- Down payment
- $40,979
- Funds due
- $53,009
- Interest + MI left
- $519,679
- First ends
- Jan 2053
New loan
New conventional
$2,874/mo
+$600/mo- Down payment
- $40,979
- Funds due
- $49,553
- Interest + MI left
- $556,536
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,971 | $262,971 | $366,971 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,819.88 | $1,819.88 | $2,540.83 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $194.74 | $194.74 | $73.39 |
| Taxes, insurance & HOA | $260.08 | $260.08 | $260.08 |
| Total housing payment | $2,274.70 | $3,037.82 | $2,874.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,979
Closing costs & prepaids$12,030
Usable credit−$0
Total buyer cash needed$53,009
Earnest money paid−$0
Remaining funds due$53,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,079.50
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)$330.25
Prepaid interest, first (2 days)$100.15
Prepaid interest, second (2 days)$45.59
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 2 moOf the original 30-year loan at 6.950%
Interest already paid$71,758Through Nov 2026
Assumption only · ends Jan 2053$348,958
Assumption + second · ends Jan 2053, second Dec 2056$519,679
New conventional · ends Dec 2056$556,536