Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $101,554
- Funds due
- $112,464
- Interest + MI left
- $318,986
- First ends
- May 2053
Assumption
Assumption + second
$2,740/mo
+$507/mo- Down payment
- $38,554
- Funds due
- $50,853
- Interest + MI left
- $438,474
- First ends
- May 2053
New loan
New conventional
$2,683/mo
+$450/mo- Down payment
- $38,554
- Funds due
- $47,453
- Interest + MI left
- $499,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,346 | $278,346 | $341,346 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,797.45 | $1,797.45 | $2,312.40 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $133.66 | $133.66 | $68.27 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $2,233.11 | $2,740.02 | $2,682.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,554
Closing costs & prepaids$12,299
Usable credit−$0
Total buyer cash needed$50,853
Earnest money paid−$0
Remaining funds due$50,853
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Prepaid interest, first (9 days)$429.64
Prepaid interest, second (9 days)$139.81
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 6.26%
Interest already paid$64,017Through Dec 2026
Assumption only · ends May 2053$318,986
Assumption + second · ends May 2053, second Jan 2057$438,474
New conventional · ends Jan 2057$499,104