Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,645/mo
Lowest payment- Down payment
- $66,088
- Funds due
- $77,267
- Interest + MI left
- $397,017
- First ends
- Jun 2053
Assumption
Assumption + second
$2,854/mo
+$209/mo- Down payment
- $40,088
- Funds due
- $52,575
- Interest + MI left
- $446,329
- First ends
- Jun 2053
New loan
New conventional
$2,783/mo
+$138/mo- Down payment
- $40,088
- Funds due
- $49,164
- Interest + MI left
- $518,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,912 | $328,912 | $354,912 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,179.60 | $2,179.60 | $2,404.30 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $157.39 | $157.39 | $70.98 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $2,645.00 | $2,854.20 | $2,783.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,088
Closing costs & prepaids$12,487
Usable credit−$0
Total buyer cash needed$52,575
Earnest money paid−$0
Remaining funds due$52,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$530.40
Prepaid interest, second (9 days)$57.70
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 6 moOf the original 30-year loan at 6.54%
Interest already paid$77,049Through Dec 2026
Assumption only · ends Jun 2053$397,017
Assumption + second · ends Jun 2053, second Jan 2057$446,329
New conventional · ends Jan 2057$518,869