Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,899/mo
Lowest payment- Down payment
- $133,639
- Funds due
- $144,454
- Interest + MI left
- $244,432
- First ends
- Apr 2053
Assumption
Assumption + second
$2,663/mo
+$764/mo- Down payment
- $38,639
- Funds due
- $50,915
- Interest + MI left
- $424,613
- First ends
- Apr 2053
New loan
New conventional
$2,683/mo
+$784/mo- Down payment
- $38,639
- Funds due
- $47,538
- Interest + MI left
- $499,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,351 | $246,351 | $341,351 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,477.39 | $1,477.39 | $2,312.43 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $119.26 | $119.26 | $68.27 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,898.65 | $2,663.04 | $2,682.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,639
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$50,915
Earnest money paid−$0
Remaining funds due$50,915
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.90
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)$456.00
Prepaid interest, first (9 days)$334.09
Prepaid interest, second (9 days)$210.82
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 5.5%
Interest already paid$51,156Through Dec 2026
Assumption only · ends Apr 2053$244,432
Assumption + second · ends Apr 2053, second Jan 2057$424,613
New conventional · ends Jan 2057$499,043