Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $67,881
- Funds due
- $78,729
- Interest + MI left
- $323,877
- First ends
- May 2053
Assumption
Assumption + second
$2,596/mo
+$257/mo- Down payment
- $35,881
- Funds due
- $48,050
- Interest + MI left
- $384,569
- First ends
- May 2053
New loan
New conventional
$2,570/mo
+$232/mo- Down payment
- $35,881
- Funds due
- $44,690
- Interest + MI left
- $459,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,119 | $282,119 | $314,119 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,823.59 | $1,823.59 | $2,127.95 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $135.46 | $135.46 | $62.82 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $2,338.05 | $2,595.53 | $2,569.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,881
Closing costs & prepaids$12,169
Usable credit−$0
Total buyer cash needed$48,050
Earnest money paid−$0
Remaining funds due$48,050
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$436.16
Prepaid interest, second (9 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.27%
Interest already paid$64,985Through Dec 2026
Assumption only · ends May 2053$323,877
Assumption + second · ends May 2053, second Jan 2057$384,569
New conventional · ends Jan 2057$459,231