Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $65,682
- Funds due
- $75,570
- Interest + MI left
- $276,223
- First ends
- Jun 2053
Assumption
Assumption + second
$2,215/mo
+$282/mo- Down payment
- $30,682
- Funds due
- $41,872
- Interest + MI left
- $342,605
- First ends
- Jun 2053
New loan
New conventional
$2,185/mo
+$252/mo- Down payment
- $30,682
- Funds due
- $38,540
- Interest + MI left
- $401,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,318 | $239,318 | $274,318 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,546.53 | $1,546.53 | $1,858.33 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $114.76 | $114.76 | $54.86 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $1,933.29 | $2,214.90 | $2,185.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,682
Closing costs & prepaids$11,190
Usable credit−$0
Total buyer cash needed$41,872
Earnest money paid−$0
Remaining funds due$41,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Prepaid interest, first (6 days)$247.05
Prepaid interest, second (6 days)$51.78
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$53,891Through Dec 2026
Assumption only · ends Jun 2053$276,223
Assumption + second · ends Jun 2053, second Jan 2057$342,605
New conventional · ends Jan 2057$401,098