Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $112,089
- Funds due
- $122,344
- Interest + MI left
- $209,960
- First ends
- Apr 2053
Assumption
Assumption + second
$2,419/mo
+$660/mo- Down payment
- $30,089
- Funds due
- $41,634
- Interest + MI left
- $365,485
- First ends
- Apr 2053
New loan
New conventional
$2,395/mo
+$635/mo- Down payment
- $30,089
- Funds due
- $38,290
- Interest + MI left
- $409,187
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,811 | $187,811 | $269,811 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,196.36 | $1,196.36 | $1,868.12 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $90.29 | $90.29 | $53.96 |
| Taxes, insurance & HOA | $472.67 | $472.67 | $472.67 |
| Total housing payment | $1,759.31 | $2,419.10 | $2,394.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,089
Closing costs & prepaids$11,545
Usable credit−$0
Total buyer cash needed$41,634
Earnest money paid−$0
Remaining funds due$41,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$968.00
Prepaid interest, first (2 days)$62.98
Prepaid interest, second (2 days)$40.44
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 6.120%
Interest already paid$42,255Through Nov 2026
Assumption only · ends Apr 2053$209,960
Assumption + second · ends Apr 2053, second Dec 2056$365,485
New conventional · ends Dec 2056$409,187