Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $40,950
- Funds due
- $50,421
- Interest + MI left
- $235,886
- First ends
- Jul 2053
Assumption
Assumption + second
$2,086/mo
+$285/mo- Down payment
- $12,950
- Funds due
- $23,689
- Interest + MI left
- $310,601
- First ends
- Jul 2053
New loan
New conventional
$2,026/mo
+$225/mo- Down payment
- $12,950
- Funds due
- $20,513
- Interest + MI left
- $345,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,050 | $199,050 | $227,050 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,297.00 | $1,297.00 | $1,572.05 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $95.14 | $95.14 | $45.41 |
| Taxes, insurance & HOA | $408.50 | $408.50 | $408.50 |
| Total housing payment | $1,800.64 | $2,085.96 | $2,025.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,950
Closing costs & prepaids$10,738
Usable credit−$0
Total buyer cash needed$23,689
Earnest money paid−$0
Remaining funds due$23,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$121.50
Initial HOA (3 months)$654.00
Prepaid interest, first (2 days)$69.69
Prepaid interest, second (2 days)$18.22
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$43,360Through Nov 2026
Assumption only · ends Jul 2053$235,886
Assumption + second · ends Jul 2053, second Dec 2056$310,601
New conventional · ends Dec 2056$345,472