Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,421/mo
Lowest payment- Down payment
- $101,812
- Funds due
- $114,837
- Interest + MI left
- $495,454
- First ends
- May 2053
Assumption
Assumption + second
$3,799/mo
+$378/mo- Down payment
- $54,812
- Funds due
- $69,156
- Interest + MI left
- $584,597
- First ends
- May 2053
New loan
New conventional
$3,803/mo
+$383/mo- Down payment
- $54,812
- Funds due
- $65,621
- Interest + MI left
- $716,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,188 | $443,188 | $490,188 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,823.10 | $2,823.10 | $3,320.70 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $213.07 | $213.07 | $98.04 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $3,420.83 | $3,799.01 | $3,803.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,812
Closing costs & prepaids$14,344
Usable credit−$0
Total buyer cash needed$69,156
Earnest money paid−$0
Remaining funds due$69,156
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Prepaid interest, first (6 days)$445.86
Prepaid interest, second (6 days)$69.53
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 5 moOf the original 30-year loan at 6.12%
Interest already paid$99,711Through Dec 2026
Assumption only · ends May 2053$495,454
Assumption + second · ends May 2053, second Jan 2057$584,597
New conventional · ends Jan 2057$716,736