Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,569/mo
Lowest payment- Down payment
- $36,381
- Funds due
- $45,456
- Interest + MI left
- $206,433
- First ends
- Jul 2053
Assumption
Assumption + second
$1,824/mo
+$255/mo- Down payment
- $11,381
- Funds due
- $21,747
- Interest + MI left
- $273,143
- First ends
- Jul 2053
New loan
New conventional
$1,752/mo
+$183/mo- Down payment
- $11,381
- Funds due
- $18,589
- Interest + MI left
- $298,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,519 | $178,519 | $203,519 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,151.10 | $1,151.10 | $1,378.71 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $85.51 | $85.51 | $40.70 |
| Taxes, insurance & HOA | $332.67 | $332.67 | $332.67 |
| Total housing payment | $1,569.27 | $1,824.02 | $1,752.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,381
Closing costs & prepaids$10,366
Usable credit−$0
Total buyer cash needed$21,747
Earnest money paid−$0
Remaining funds due$21,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$548.00
Prepaid interest, first (5 days)$153.33
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 7 moOf the original 30-year loan at 6.27%
Interest already paid$39,156Through Dec 2026
Assumption only · ends Jul 2053$206,433
Assumption + second · ends Jul 2053, second Jan 2057$273,143
New conventional · ends Jan 2057$298,637