Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,563/mo
Lowest payment- Down payment
- $146,297
- Funds due
- $157,921
- Interest + MI left
- $377,356
- First ends
- Apr 2053
Assumption
Assumption + second
$3,352/mo
+$789/mo- Down payment
- $48,297
- Funds due
- $61,195
- Interest + MI left
- $563,227
- First ends
- Apr 2053
New loan
New conventional
$3,321/mo
+$757/mo- Down payment
- $48,297
- Funds due
- $57,668
- Interest + MI left
- $647,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,703 | $328,703 | $426,703 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,124.70 | $2,124.70 | $2,954.41 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $157.83 | $157.83 | $85.34 |
| Taxes, insurance & HOA | $280.92 | $280.92 | $280.92 |
| Total housing payment | $2,563.45 | $3,351.98 | $3,320.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,297
Closing costs & prepaids$12,898
Usable credit−$0
Total buyer cash needed$61,195
Earnest money paid−$0
Remaining funds due$61,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$342.75
Prepaid interest, first (1 days)$56.46
Prepaid interest, second (1 days)$24.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.270%
Interest already paid$75,716Through Nov 2026
Assumption only · ends Apr 2053$377,356
Assumption + second · ends Apr 2053, second Dec 2056$563,227
New conventional · ends Dec 2056$647,038