Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,377/mo
Lowest payment- Down payment
- $73,785
- Funds due
- $84,339
- Interest + MI left
- $342,551
- First ends
- Jan 2053
Assumption
Assumption + second
$2,675/mo
+$298/mo- Down payment
- $36,785
- Funds due
- $48,644
- Interest + MI left
- $412,727
- First ends
- Jan 2053
New loan
New conventional
$2,548/mo
+$171/mo- Down payment
- $36,785
- Funds due
- $45,256
- Interest + MI left
- $472,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,215 | $286,215 | $323,215 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,870.12 | $1,870.12 | $2,189.57 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $213.34 | $213.34 | $64.64 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $2,377.45 | $2,675.16 | $2,548.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,785
Closing costs & prepaids$11,860
Usable credit−$0
Total buyer cash needed$48,644
Earnest money paid−$0
Remaining funds due$48,644
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$297.82
Prepaid interest, second (6 days)$54.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 6.33%
Interest already paid$72,931Through Dec 2026
Assumption only · ends Jan 2053$342,551
Assumption + second · ends Jan 2053, second Jan 2057$412,727
New conventional · ends Jan 2057$472,529