Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $254,349
- Funds due
- $266,685
- Interest + MI left
- $310,138
- First ends
- Aug 2053
Assumption
Assumption + second
$3,601/mo
+$1,461/mo- Down payment
- $50,349
- Funds due
- $64,195
- Interest + MI left
- $632,271
- First ends
- Aug 2053
New loan
New conventional
$3,495/mo
+$1,356/mo- Down payment
- $50,349
- Funds due
- $60,639
- Interest + MI left
- $656,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,651 | $244,651 | $448,651 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,656.64 | $1,656.64 | $3,039.32 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $116.59 | $116.59 | $89.73 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,139.48 | $3,600.96 | $3,495.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,349
Closing costs & prepaids$13,847
Usable credit−$0
Total buyer cash needed$64,195
Earnest money paid−$0
Remaining funds due$64,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$598.75
Prepaid interest, first (6 days)$273.07
Prepaid interest, second (6 days)$259.89
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 8 moOf the original 30-year loan at 6.79%
Interest already paid$56,542Through Dec 2026
Assumption only · ends Aug 2053$310,138
Assumption + second · ends Aug 2053, second Jan 2057$632,271
New conventional · ends Jan 2057$656,002