Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,489/mo
Lowest payment- Down payment
- $119,080
- Funds due
- $130,445
- Interest + MI left
- $365,915
- First ends
- Aug 2053
Assumption
Assumption + second
$3,100/mo
+$612/mo- Down payment
- $43,080
- Funds due
- $55,808
- Interest + MI left
- $510,060
- First ends
- Aug 2053
New loan
New conventional
$3,021/mo
+$532/mo- Down payment
- $43,080
- Funds due
- $52,347
- Interest + MI left
- $565,741
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,920 | $310,920 | $386,920 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,018.08 | $2,018.08 | $2,621.13 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $148.65 | $148.65 | $77.38 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,488.73 | $3,100.25 | $3,020.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,080
Closing costs & prepaids$12,728
Usable credit−$0
Total buyer cash needed$55,808
Earnest money paid−$0
Remaining funds due$55,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Prepaid interest, first (6 days)$324.55
Prepaid interest, second (6 days)$112.44
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 8 moOf the original 30-year loan at 6.35%
Interest already paid$67,316Through Dec 2026
Assumption only · ends Aug 2053$365,915
Assumption + second · ends Aug 2053, second Jan 2057$510,060
New conventional · ends Jan 2057$565,741