Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
Lowest payment- Down payment
- $53,437
- Funds due
- $63,668
- Interest + MI left
- $336,288
- First ends
- Nov 2053
Assumption
Assumption + second
$2,635/mo
+$387/mo- Down payment
- $15,437
- Funds due
- $26,980
- Interest + MI left
- $437,688
- First ends
- Nov 2053
New loan
New conventional
$2,389/mo
+$141/mo- Down payment
- $15,437
- Funds due
- $23,751
- Interest + MI left
- $417,411
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,463 | $246,463 | $284,463 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,725.98 | $1,725.98 | $1,927.05 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $116.78 | $116.78 | $56.89 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $2,247.67 | $2,634.89 | $2,388.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,437
Closing costs & prepaids$11,543
Usable credit−$0
Total buyer cash needed$26,980
Earnest money paid−$0
Remaining funds due$26,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$242.41
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 11 moOf the original 30-year loan at 7.18%
Interest already paid$55,542Through Dec 2026
Assumption only · ends Nov 2053$336,288
Assumption + second · ends Nov 2053, second Jan 2057$437,688
New conventional · ends Jan 2057$417,411