Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
Lowest payment- Down payment
- $69,411
- Funds due
- $79,950
- Interest + MI left
- $312,553
- First ends
- May 2053
Assumption
Assumption + second
$2,473/mo
+$274/mo- Down payment
- $35,411
- Funds due
- $47,275
- Interest + MI left
- $377,039
- First ends
- May 2053
New loan
New conventional
$2,466/mo
+$266/mo- Down payment
- $35,411
- Funds due
- $43,926
- Interest + MI left
- $456,263
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,089 | $278,089 | $312,089 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,776.63 | $1,776.63 | $2,114.20 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $133.66 | $133.66 | $62.42 |
| Taxes, insurance & HOA | $289.00 | $289.00 | $289.00 |
| Total housing payment | $2,199.29 | $2,472.86 | $2,465.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,411
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$47,275
Earnest money paid−$0
Remaining funds due$47,275
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,475.00
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)$417.00
Prepaid interest, first (9 days)$421.70
Prepaid interest, second (9 days)$75.45
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 6.15%
Interest already paid$62,864Through Dec 2026
Assumption only · ends May 2053$312,553
Assumption + second · ends May 2053, second Jan 2057$377,039
New conventional · ends Jan 2057$456,263