Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,168/mo
Lowest payment- Down payment
- $85,953
- Funds due
- $98,402
- Interest + MI left
- $463,852
- First ends
- May 2053
Assumption
Assumption + second
$3,458/mo
+$290/mo- Down payment
- $49,953
- Funds due
- $63,714
- Interest + MI left
- $532,131
- First ends
- May 2053
New loan
New conventional
$3,432/mo
+$263/mo- Down payment
- $49,953
- Funds due
- $60,222
- Interest + MI left
- $643,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,047 | $404,047 | $440,047 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,611.72 | $2,611.72 | $2,981.03 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $194.00 | $194.00 | $88.01 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $3,168.39 | $3,458.05 | $3,431.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,953
Closing costs & prepaids$13,761
Usable credit−$0
Total buyer cash needed$63,714
Earnest money paid−$0
Remaining funds due$63,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (7 days)$485.85
Prepaid interest, second (7 days)$62.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.27%
Interest already paid$93,071Through Dec 2026
Assumption only · ends May 2053$463,852
Assumption + second · ends May 2053, second Jan 2057$532,131
New conventional · ends Jan 2057$643,333