Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,371/mo
Lowest payment- Down payment
- $54,752
- Funds due
- $65,422
- Interest + MI left
- $326,417
- First ends
- Sep 2053
Assumption
Assumption + second
$2,759/mo
+$387/mo- Down payment
- $16,752
- Funds due
- $28,734
- Interest + MI left
- $427,816
- First ends
- Sep 2053
New loan
New conventional
$2,654/mo
+$283/mo- Down payment
- $16,752
- Funds due
- $25,527
- Interest + MI left
- $467,050
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,248 | $280,248 | $318,248 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,802.68 | $1,802.68 | $2,155.92 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $133.91 | $133.91 | $63.65 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $2,371.33 | $2,758.55 | $2,654.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,752
Closing costs & prepaids$11,982
Usable credit−$0
Total buyer cash needed$28,734
Earnest money paid−$0
Remaining funds due$28,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Prepaid interest, first (5 days)$240.71
Prepaid interest, second (5 days)$61.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 6.27%
Interest already paid$58,393Through Dec 2026
Assumption only · ends Sep 2053$326,417
Assumption + second · ends Sep 2053, second Jan 2057$427,816
New conventional · ends Jan 2057$467,050