Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,779/mo
Lowest payment- Down payment
- $88,046
- Funds due
- $99,736
- Interest + MI left
- $405,664
- First ends
- Apr 2053
Assumption
Assumption + second
$3,133/mo
+$354/mo- Down payment
- $44,046
- Funds due
- $57,084
- Interest + MI left
- $489,116
- First ends
- Apr 2053
New loan
New conventional
$3,080/mo
+$301/mo- Down payment
- $44,046
- Funds due
- $53,647
- Interest + MI left
- $577,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,954 | $350,954 | $394,954 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,284.57 | $2,284.57 | $2,675.56 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $168.63 | $168.63 | $78.99 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $2,778.79 | $3,132.83 | $3,080.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,046
Closing costs & prepaids$13,037
Usable credit−$0
Total buyer cash needed$57,084
Earnest money paid−$0
Remaining funds due$57,084
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Prepaid interest, first (9 days)$547.78
Prepaid interest, second (9 days)$97.64
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 4 moOf the original 30-year loan at 6.33%
Interest already paid$83,547Through Dec 2026
Assumption only · ends Apr 2053$405,664
Assumption + second · ends Apr 2053, second Jan 2057$489,116
New conventional · ends Jan 2057$577,488