Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,016/mo
Lowest payment- Down payment
- $120,182
- Funds due
- $132,661
- Interest + MI left
- $441,982
- First ends
- Mar 2053
Assumption
Assumption + second
$3,588/mo
+$571/mo- Down payment
- $49,182
- Funds due
- $63,068
- Interest + MI left
- $576,643
- First ends
- Mar 2053
New loan
New conventional
$3,400/mo
+$384/mo- Down payment
- $49,182
- Funds due
- $59,569
- Interest + MI left
- $637,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,818 | $364,818 | $435,818 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,384.65 | $2,384.65 | $2,952.38 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $271.18 | $271.18 | $87.16 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $3,016.49 | $3,587.78 | $3,400.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,182
Closing costs & prepaids$13,887
Usable credit−$0
Total buyer cash needed$63,068
Earnest money paid−$0
Remaining funds due$63,068
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Prepaid interest, first (9 days)$572.12
Prepaid interest, second (9 days)$157.56
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$89,291Through Dec 2026
Assumption only · ends Mar 2053$441,982
Assumption + second · ends Mar 2053, second Jan 2057$576,643
New conventional · ends Jan 2057$637,238