Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $46,310
- Funds due
- $57,040
- Interest + MI left
- $350,572
- First ends
- May 2053
Assumption
Assumption + second
$2,728/mo
+$285/mo- Down payment
- $18,310
- Funds due
- $30,371
- Interest + MI left
- $425,287
- First ends
- May 2053
New loan
New conventional
$2,676/mo
+$234/mo- Down payment
- $18,310
- Funds due
- $27,188
- Interest + MI left
- $501,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,590 | $313,590 | $341,590 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,997.56 | $1,997.56 | $2,314.05 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $150.76 | $150.76 | $68.32 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $2,442.32 | $2,727.64 | $2,676.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,310
Closing costs & prepaids$12,061
Usable credit−$0
Total buyer cash needed$30,371
Earnest money paid−$0
Remaining funds due$30,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$432.00
Prepaid interest, first (9 days)$473.22
Prepaid interest, second (9 days)$81.99
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 6.12%
Interest already paid$70,553Through Dec 2026
Assumption only · ends May 2053$350,572
Assumption + second · ends May 2053, second Jan 2057$425,287
New conventional · ends Jan 2057$501,306