Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,915/mo
Lowest payment- Down payment
- $123,622
- Funds due
- $137,775
- Interest + MI left
- $563,963
- First ends
- May 2053
Assumption
Assumption + second
$4,390/mo
+$475/mo- Down payment
- $64,622
- Funds due
- $80,113
- Interest + MI left
- $675,865
- First ends
- May 2053
New loan
New conventional
$4,436/mo
+$520/mo- Down payment
- $64,622
- Funds due
- $76,498
- Interest + MI left
- $841,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,378 | $516,378 | $575,378 |
| Second mortgage | — | $59,000 | — |
| First P&I | $3,253.97 | $3,253.97 | $3,897.81 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $238.77 | $238.77 | $115.08 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $3,915.41 | $4,390.13 | $4,435.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,622
Closing costs & prepaids$15,490
Usable credit−$0
Total buyer cash needed$80,113
Earnest money paid−$0
Remaining funds due$80,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$768.00
Prepaid interest, first (6 days)$510.15
Prepaid interest, second (6 days)$87.29
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 27-year loan at 6.01%
Interest already paid$18,196Through Dec 2026
Assumption only · ends May 2053$563,963
Assumption + second · ends May 2053, second Jan 2057$675,865
New conventional · ends Jan 2057$841,298