Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,012/mo
Lowest payment- Down payment
- $95,207
- Funds due
- $105,338
- Interest + MI left
- $293,347
- First ends
- Jul 2053
Assumption
Assumption + second
$2,495/mo
+$483/mo- Down payment
- $35,207
- Funds due
- $46,618
- Interest + MI left
- $407,146
- First ends
- Jul 2053
New loan
New conventional
$2,480/mo
+$468/mo- Down payment
- $35,207
- Funds due
- $43,225
- Interest + MI left
- $469,608
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,693 | $249,693 | $309,693 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,619.10 | $1,619.10 | $2,144.25 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $119.39 | $119.39 | $61.94 |
| Taxes, insurance & HOA | $273.42 | $273.42 | $273.42 |
| Total housing payment | $2,011.90 | $2,494.68 | $2,479.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,207
Closing costs & prepaids$11,411
Usable credit−$0
Total buyer cash needed$46,618
Earnest money paid−$0
Remaining funds due$46,618
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$370.25
Prepaid interest, first (2 days)$86.74
Prepaid interest, second (2 days)$29.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 6.340%
Interest already paid$53,977Through Nov 2026
Assumption only · ends Jul 2053$293,347
Assumption + second · ends Jul 2053, second Dec 2056$407,146
New conventional · ends Dec 2056$469,608