Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $146,704
- Funds due
- $159,006
- Interest + MI left
- $375,522
- First ends
- Apr 2053
Assumption
Assumption + second
$3,436/mo
+$797/mo- Down payment
- $47,704
- Funds due
- $61,476
- Interest + MI left
- $563,289
- First ends
- Apr 2053
New loan
New conventional
$3,337/mo
+$698/mo- Down payment
- $47,704
- Funds due
- $57,978
- Interest + MI left
- $624,777
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,296 | $328,296 | $427,296 |
| Second mortgage | — | $99,000 | — |
| First P&I | $2,124.70 | $2,124.70 | $2,894.65 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $157.83 | $157.83 | $85.46 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,639.20 | $3,435.77 | $3,336.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,704
Closing costs & prepaids$13,772
Usable credit−$0
Total buyer cash needed$61,476
Earnest money paid−$0
Remaining funds due$61,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (9 days)$507.55
Prepaid interest, second (9 days)$219.70
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 6.27%
Interest already paid$77,433Through Dec 2026
Assumption only · ends Apr 2053$375,522
Assumption + second · ends Apr 2053, second Jan 2057$563,289
New conventional · ends Jan 2057$624,777