Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,020/mo
Lowest payment- Down payment
- $85,212
- Funds due
- $95,245
- Interest + MI left
- $296,014
- First ends
- Jul 2053
Assumption
Assumption + second
$2,431/mo
+$410/mo- Down payment
- $34,212
- Funds due
- $45,520
- Interest + MI left
- $392,742
- First ends
- Jul 2053
New loan
New conventional
$2,416/mo
+$396/mo- Down payment
- $34,212
- Funds due
- $42,137
- Interest + MI left
- $456,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,788 | $249,788 | $300,788 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,627.61 | $1,627.61 | $2,082.60 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $119.39 | $119.39 | $60.16 |
| Taxes, insurance & HOA | $273.42 | $273.42 | $273.42 |
| Total housing payment | $2,020.42 | $2,430.77 | $2,416.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,212
Closing costs & prepaids$11,308
Usable credit−$0
Total buyer cash needed$45,520
Earnest money paid−$0
Remaining funds due$45,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$87.46
Prepaid interest, second (2 days)$25.15
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 6.390%
Interest already paid$54,412Through Nov 2026
Assumption only · ends Jul 2053$296,014
Assumption + second · ends Jul 2053, second Dec 2056$392,742
New conventional · ends Dec 2056$456,105