Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
Lowest payment- Down payment
- $105,564
- Funds due
- $117,980
- Interest + MI left
- $418,594
- First ends
- May 2053
Assumption
Assumption + second
$3,382/mo
+$459/mo- Down payment
- $48,564
- Funds due
- $62,357
- Interest + MI left
- $526,703
- First ends
- May 2053
New loan
New conventional
$3,368/mo
+$444/mo- Down payment
- $48,564
- Funds due
- $58,893
- Interest + MI left
- $630,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,436 | $374,436 | $431,436 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,385.15 | $2,385.15 | $2,922.70 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $180.01 | $180.01 | $86.29 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $2,923.83 | $3,382.47 | $3,367.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,564
Closing costs & prepaids$13,793
Usable credit−$0
Total buyer cash needed$62,357
Earnest money paid−$0
Remaining funds due$62,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (9 days)$565.04
Prepaid interest, second (9 days)$126.49
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$84,242Through Dec 2026
Assumption only · ends May 2053$418,594
Assumption + second · ends May 2053, second Jan 2057$526,703
New conventional · ends Jan 2057$630,831