Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,277/mo
Lowest payment- Down payment
- $128,715
- Funds due
- $139,719
- Interest + MI left
- $316,245
- First ends
- Apr 2053
Assumption
Assumption + second
$2,985/mo
+$708/mo- Down payment
- $40,715
- Funds due
- $53,013
- Interest + MI left
- $483,149
- First ends
- Apr 2053
New loan
New conventional
$2,937/mo
+$660/mo- Down payment
- $40,715
- Funds due
- $49,563
- Interest + MI left
- $544,656
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,185 | $271,185 | $359,185 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,768.27 | $1,768.27 | $2,486.92 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $130.11 | $130.11 | $71.84 |
| Taxes, insurance & HOA | $378.50 | $378.50 | $378.50 |
| Total housing payment | $2,276.88 | $2,984.95 | $2,937.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,715
Closing costs & prepaids$12,297
Usable credit−$0
Total buyer cash needed$53,013
Earnest money paid−$0
Remaining funds due$53,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$685.50
Prepaid interest, first (2 days)$94.51
Prepaid interest, second (2 days)$43.40
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 5 moOf the original 30-year loan at 6.360%
Interest already paid$63,338Through Nov 2026
Assumption only · ends Apr 2053$316,245
Assumption + second · ends Apr 2053, second Dec 2056$483,149
New conventional · ends Dec 2056$544,656