Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,458/mo
Lowest payment- Down payment
- $89,841
- Funds due
- $101,024
- Interest + MI left
- $358,542
- First ends
- Jul 2053
Assumption
Assumption + second
$2,852/mo
+$394/mo- Down payment
- $40,841
- Funds due
- $53,383
- Interest + MI left
- $451,477
- First ends
- Jul 2053
New loan
New conventional
$2,814/mo
+$356/mo- Down payment
- $40,841
- Funds due
- $49,972
- Interest + MI left
- $524,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,059 | $310,059 | $359,059 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,999.28 | $1,999.28 | $2,432.39 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $148.51 | $148.51 | $71.81 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,457.79 | $2,852.05 | $2,814.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,841
Closing costs & prepaids$12,542
Usable credit−$0
Total buyer cash needed$53,383
Earnest money paid−$0
Remaining funds due$53,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (9 days)$479.36
Prepaid interest, second (9 days)$108.74
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 7 moOf the original 30-year loan at 6.27%
Interest already paid$68,008Through Dec 2026
Assumption only · ends Jul 2053$358,542
Assumption + second · ends Jul 2053, second Jan 2057$451,477
New conventional · ends Jan 2057$524,932