Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $49,993
- Funds due
- $61,051
- Interest + MI left
- $404,040
- First ends
- Mar 2053
Assumption
Assumption + second
$3,064/mo
+$306/mo- Down payment
- $19,993
- Funds due
- $32,360
- Interest + MI left
- $484,093
- First ends
- Mar 2053
New loan
New conventional
$2,953/mo
+$194/mo- Down payment
- $19,993
- Funds due
- $29,134
- Interest + MI left
- $556,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,006 | $349,006 | $379,006 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,281.29 | $2,281.29 | $2,567.52 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $167.86 | $167.86 | $75.80 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $2,758.74 | $3,064.44 | $2,952.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,993
Closing costs & prepaids$12,367
Usable credit−$0
Total buyer cash needed$32,360
Earnest money paid−$0
Remaining funds due$32,360
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,989.99
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)$478.75
Prepaid interest, first (6 days)$364.88
Prepaid interest, second (6 days)$58.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3 moOf the original 30-year loan at 6.36%
Interest already paid$85,421Through Dec 2026
Assumption only · ends Mar 2053$404,040
Assumption + second · ends Mar 2053, second Jan 2057$484,093
New conventional · ends Jan 2057$556,216