Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,567/mo
Lowest payment- Down payment
- $70,968
- Funds due
- $82,072
- Interest + MI left
- $380,972
- First ends
- May 2053
Assumption
Assumption + second
$2,816/mo
+$249/mo- Down payment
- $39,968
- Funds due
- $52,390
- Interest + MI left
- $439,768
- First ends
- May 2053
New loan
New conventional
$2,747/mo
+$180/mo- Down payment
- $39,968
- Funds due
- $48,980
- Interest + MI left
- $511,588
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,932 | $318,932 | $349,932 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,107.85 | $2,107.85 | $2,370.56 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $152.85 | $152.85 | $69.99 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,566.70 | $2,816.13 | $2,746.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,968
Closing costs & prepaids$12,422
Usable credit−$0
Total buyer cash needed$52,390
Earnest money paid−$0
Remaining funds due$52,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (9 days)$511.16
Prepaid interest, second (9 days)$68.79
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 6.5%
Interest already paid$76,084Through Dec 2026
Assumption only · ends May 2053$380,972
Assumption + second · ends May 2053, second Jan 2057$439,768
New conventional · ends Jan 2057$511,588