Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,859/mo
Lowest payment- Down payment
- $40,308
- Funds due
- $49,764
- Interest + MI left
- $269,693
- First ends
- Nov 2053
Assumption
Assumption + second
$2,145/mo
+$285/mo- Down payment
- $12,308
- Funds due
- $23,050
- Interest + MI left
- $344,408
- First ends
- Nov 2053
New loan
New conventional
$1,970/mo
+$111/mo- Down payment
- $12,308
- Funds due
- $19,866
- Interest + MI left
- $337,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,692 | $204,692 | $232,692 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,404.05 | $1,404.05 | $1,565.33 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $97.12 | $97.12 | $46.54 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,859.42 | $2,144.74 | $1,970.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,308
Closing costs & prepaids$10,742
Usable credit−$0
Total buyer cash needed$23,050
Earnest money paid−$0
Remaining funds due$23,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Prepaid interest, first (4 days)$156.13
Prepaid interest, second (4 days)$36.44
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 11 moOf the original 30-year loan at 6.96%
Interest already paid$44,748Through Dec 2026
Assumption only · ends Nov 2053$269,693
Assumption + second · ends Nov 2053, second Jan 2057$344,408
New conventional · ends Jan 2057$337,483