Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $250,349
- Funds due
- $262,641
- Interest + MI left
- $310,138
- First ends
- Aug 2053
Assumption
Assumption + second
$3,571/mo
+$1,433/mo- Down payment
- $50,349
- Funds due
- $64,145
- Interest + MI left
- $625,955
- First ends
- Aug 2053
New loan
New conventional
$3,466/mo
+$1,328/mo- Down payment
- $50,349
- Funds due
- $60,589
- Interest + MI left
- $650,064
- 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 | $444,651 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,656.64 | $1,656.64 | $3,012.22 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $116.59 | $116.59 | $88.93 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $2,137.90 | $3,570.72 | $3,465.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,349
Closing costs & prepaids$13,797
Usable credit−$0
Total buyer cash needed$64,145
Earnest money paid−$0
Remaining funds due$64,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Prepaid interest, first (6 days)$273.07
Prepaid interest, second (6 days)$254.79
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$625,955
New conventional · ends Jan 2057$650,064