Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,660/mo
Lowest payment- Down payment
- $128,863
- Funds due
- $139,087
- Interest + MI left
- $224,858
- First ends
- May 2053
Assumption
Assumption + second
$2,424/mo
+$764/mo- Down payment
- $33,863
- Funds due
- $45,548
- Interest + MI left
- $405,039
- First ends
- May 2053
New loan
New conventional
$2,347/mo
+$687/mo- Down payment
- $33,863
- Funds due
- $42,170
- Interest + MI left
- $432,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,137 | $201,137 | $296,137 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,281.24 | $1,281.24 | $2,006.14 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $96.70 | $96.70 | $59.23 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,659.94 | $2,424.33 | $2,347.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,863
Closing costs & prepaids$11,685
Usable credit−$0
Total buyer cash needed$45,548
Earnest money paid−$0
Remaining funds due$45,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$303.52
Prepaid interest, second (9 days)$210.82
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 6.12%
Interest already paid$45,253Through Dec 2026
Assumption only · ends May 2053$224,858
Assumption + second · ends May 2053, second Jan 2057$405,039
New conventional · ends Jan 2057$432,942