Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $63,208
- Funds due
- $74,580
- Interest + MI left
- $392,542
- First ends
- May 2051
Assumption
Assumption + second
$3,371/mo
+$418/mo- Down payment
- $22,208
- Funds due
- $34,910
- Interest + MI left
- $501,947
- First ends
- May 2051
New loan
New conventional
$3,129/mo
+$176/mo- Down payment
- $22,208
- Funds due
- $31,646
- Interest + MI left
- $591,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,792 | $361,792 | $402,792 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,466.28 | $2,466.28 | $2,728.65 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $167.41 | $167.41 | $80.56 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,953.69 | $3,371.48 | $3,129.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,208
Closing costs & prepaids$12,702
Usable credit−$0
Total buyer cash needed$34,910
Earnest money paid−$0
Remaining funds due$34,910
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)$386.57
Prepaid interest, second (6 days)$80.03
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 closing24 yr 5 moOf the original 25-year loan at 6.5%
Interest already paid$13,794Through Dec 2026
Assumption only · ends May 2051$392,542
Assumption + second · ends May 2051, second Jan 2057$501,947
New conventional · ends Jan 2057$591,043