Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,578/mo
Lowest payment- Down payment
- $100,047
- Funds due
- $111,264
- Interest + MI left
- $385,851
- First ends
- May 2053
Assumption
Assumption + second
$3,045/mo
+$467/mo- Down payment
- $42,047
- Funds due
- $54,600
- Interest + MI left
- $495,856
- First ends
- May 2053
New loan
New conventional
$2,917/mo
+$339/mo- Down payment
- $42,047
- Funds due
- $51,140
- Interest + MI left
- $545,319
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,953 | $314,953 | $372,953 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,111.63 | $2,111.63 | $2,526.51 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $150.76 | $150.76 | $74.59 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,578.39 | $3,045.07 | $2,917.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,047
Closing costs & prepaids$12,553
Usable credit−$0
Total buyer cash needed$54,600
Earnest money paid−$0
Remaining funds due$54,600
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (6 days)$344.29
Prepaid interest, second (6 days)$85.81
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$76,821Through Dec 2026
Assumption only · ends May 2053$385,851
Assumption + second · ends May 2053, second Jan 2057$495,856
New conventional · ends Jan 2057$545,319