Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,925/mo
Lowest payment- Down payment
- $57,383
- Funds due
- $67,252
- Interest + MI left
- $258,109
- First ends
- Apr 2053
Assumption
Assumption + second
$2,159/mo
+$233/mo- Down payment
- $28,383
- Funds due
- $39,538
- Interest + MI left
- $313,111
- First ends
- Apr 2053
New loan
New conventional
$2,104/mo
+$178/mo- Down payment
- $28,383
- Funds due
- $36,218
- Interest + MI left
- $360,482
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,607 | $217,607 | $246,607 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,437.15 | $1,437.15 | $1,670.60 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $104.43 | $104.43 | $49.32 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,925.33 | $2,158.67 | $2,103.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,383
Closing costs & prepaids$11,155
Usable credit−$0
Total buyer cash needed$39,538
Earnest money paid−$0
Remaining funds due$39,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.90
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)$701.25
Prepaid interest, first (5 days)$193.16
Prepaid interest, second (5 days)$35.75
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 4 moOf the original 30-year loan at 6.48%
Interest already paid$52,995Through Dec 2026
Assumption only · ends Apr 2053$258,109
Assumption + second · ends Apr 2053, second Jan 2057$313,111
New conventional · ends Jan 2057$360,482