Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,229/mo
Lowest payment- Down payment
- $83,972
- Funds due
- $94,569
- Interest + MI left
- $314,714
- First ends
- Apr 2053
Assumption
Assumption + second
$2,607/mo
+$378/mo- Down payment
- $36,972
- Funds due
- $48,889
- Interest + MI left
- $403,856
- First ends
- Apr 2053
New loan
New conventional
$2,584/mo
+$355/mo- Down payment
- $36,972
- Funds due
- $45,502
- Interest + MI left
- $479,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,028 | $281,028 | $328,028 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,797.68 | $1,797.68 | $2,222.18 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $135.24 | $135.24 | $65.61 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,228.92 | $2,607.10 | $2,583.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,972
Closing costs & prepaids$11,917
Usable credit−$0
Total buyer cash needed$48,889
Earnest money paid−$0
Remaining funds due$48,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (6 days)$284.11
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$65,051Through Dec 2026
Assumption only · ends Apr 2053$314,714
Assumption + second · ends Apr 2053, second Jan 2057$403,856
New conventional · ends Jan 2057$479,631