Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
Lowest payment- Down payment
- $81,667
- Funds due
- $93,044
- Interest + MI left
- $380,257
- First ends
- May 2053
Assumption
Assumption + second
$2,950/mo
+$330/mo- Down payment
- $40,667
- Funds due
- $53,385
- Interest + MI left
- $458,019
- First ends
- May 2053
New loan
New conventional
$2,870/mo
+$250/mo- Down payment
- $40,667
- Funds due
- $49,963
- Interest + MI left
- $525,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,333 | $318,333 | $359,333 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,103.90 | $2,103.90 | $2,434.25 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $152.56 | $152.56 | $71.87 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $2,620.46 | $2,950.35 | $2,870.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,667
Closing costs & prepaids$12,718
Usable credit−$0
Total buyer cash needed$53,385
Earnest money paid−$0
Remaining funds due$53,385
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$510.20
Prepaid interest, second (9 days)$90.99
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$75,941Through Dec 2026
Assumption only · ends May 2053$380,257
Assumption + second · ends May 2053, second Jan 2057$458,019
New conventional · ends Jan 2057$525,332