Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$629/mo
Lowest payment- Down payment
- $291,685
- Funds due
- $301,946
- Interest + MI left
- $36,816
- First ends
- Sep 2053
Assumption
Assumption + second
$2,484/mo
+$1,856/mo- Down payment
- $32,685
- Funds due
- $44,416
- Interest + MI left
- $445,799
- First ends
- Sep 2053
New loan
New conventional
$2,411/mo
+$1,783/mo- Down payment
- $32,685
- Funds due
- $41,022
- Interest + MI left
- $414,952
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,215 | $28,215 | $287,215 |
| Second mortgage | — | $259,000 | — |
| First P&I | $193.77 | $193.77 | $1,932.11 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | $13.28 | $13.28 | $57.44 |
| Taxes, insurance & HOA | $421.92 | $421.92 | $421.92 |
| Total housing payment | $628.96 | $2,484.47 | $2,411.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,685
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$44,416
Earnest money paid−$0
Remaining funds due$44,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$815.75
Prepaid interest, first (4 days)$21.49
Prepaid interest, second (4 days)$219.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 29-year loan at 6.95%
Interest already paid$4,475Through Dec 2026
Assumption only · ends Sep 2053$36,816
Assumption + second · ends Sep 2053, second Jan 2057$445,799
New conventional · ends Jan 2057$414,952