Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,928/mo
Lowest payment- Down payment
- $80,287
- Funds due
- $90,312
- Interest + MI left
- $256,754
- First ends
- Jul 2053
Assumption
Assumption + second
$2,330/mo
+$402/mo- Down payment
- $30,287
- Funds due
- $41,574
- Interest + MI left
- $351,587
- First ends
- Jul 2053
New loan
New conventional
$2,306/mo
+$378/mo- Down payment
- $30,287
- Funds due
- $38,224
- Interest + MI left
- $401,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,713 | $214,713 | $264,713 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,408.59 | $1,408.59 | $1,832.82 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $98.87 | $98.87 | $52.94 |
| Taxes, insurance & HOA | $420.42 | $420.42 | $420.42 |
| Total housing payment | $1,927.88 | $2,330.19 | $2,306.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,287
Closing costs & prepaids$11,287
Usable credit−$0
Total buyer cash needed$41,574
Earnest money paid−$0
Remaining funds due$41,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$811.25
Prepaid interest, first (1 days)$38.00
Prepaid interest, second (1 days)$12.33
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 27-year loan at 6.460%
Interest already paid$4,637Through Nov 2026
Assumption only · ends Jul 2053$256,754
Assumption + second · ends Jul 2053, second Dec 2056$351,587
New conventional · ends Dec 2056$401,349