Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,699/mo
Lowest payment- Down payment
- $93,755
- Funds due
- $105,102
- Interest + MI left
- $405,810
- First ends
- May 2053
Assumption
Assumption + second
$3,110/mo
+$410/mo- Down payment
- $42,755
- Funds due
- $55,428
- Interest + MI left
- $502,539
- First ends
- May 2053
New loan
New conventional
$2,986/mo
+$286/mo- Down payment
- $42,755
- Funds due
- $51,964
- Interest + MI left
- $558,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,245 | $331,245 | $382,245 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,220.86 | $2,220.86 | $2,589.46 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $158.56 | $158.56 | $76.45 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,699.42 | $3,109.77 | $2,985.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,755
Closing costs & prepaids$12,673
Usable credit−$0
Total buyer cash needed$55,428
Earnest money paid−$0
Remaining funds due$55,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$362.10
Prepaid interest, second (6 days)$75.45
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 6.65%
Interest already paid$80,795Through Dec 2026
Assumption only · ends May 2053$405,810
Assumption + second · ends May 2053, second Jan 2057$502,539
New conventional · ends Jan 2057$558,905