Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,807/mo
Lowest payment- Down payment
- $37,752
- Funds due
- $47,232
- Interest + MI left
- $245,483
- First ends
- Aug 2053
Assumption
Assumption + second
$2,062/mo
+$255/mo- Down payment
- $12,752
- Funds due
- $23,523
- Interest + MI left
- $312,193
- First ends
- Aug 2053
New loan
New conventional
$1,977/mo
+$170/mo- Down payment
- $12,752
- Funds due
- $20,351
- Interest + MI left
- $340,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,148 | $207,148 | $232,148 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,349.77 | $1,349.77 | $1,572.65 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $99.01 | $99.01 | $46.43 |
| Taxes, insurance & HOA | $358.17 | $358.17 | $358.17 |
| Total housing payment | $1,806.95 | $2,061.70 | $1,977.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,752
Closing costs & prepaids$10,770
Usable credit−$0
Total buyer cash needed$23,523
Earnest money paid−$0
Remaining funds due$23,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,449.00
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)$624.50
Prepaid interest, first (5 days)$181.33
Prepaid interest, second (5 days)$40.67
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$45,124Through Dec 2026
Assumption only · ends Aug 2053$245,483
Assumption + second · ends Aug 2053, second Jan 2057$312,193
New conventional · ends Jan 2057$340,646