Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
Lowest payment- Down payment
- $76,330
- Funds due
- $87,246
- Interest + MI left
- $352,544
- First ends
- May 2053
Assumption
Assumption + second
$2,760/mo
+$298/mo- Down payment
- $39,330
- Funds due
- $51,550
- Interest + MI left
- $422,719
- First ends
- May 2053
New loan
New conventional
$2,753/mo
+$291/mo- Down payment
- $39,330
- Funds due
- $48,149
- Interest + MI left
- $512,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,670 | $313,670 | $350,670 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,003.95 | $2,003.95 | $2,375.56 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $150.76 | $150.76 | $70.13 |
| Taxes, insurance & HOA | $307.67 | $307.67 | $307.67 |
| Total housing payment | $2,462.38 | $2,760.09 | $2,753.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,330
Closing costs & prepaids$12,220
Usable credit−$0
Total buyer cash needed$51,550
Earnest money paid−$0
Remaining funds due$51,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$5.01
Prepaid interest, first (6 days)$317.11
Prepaid interest, second (6 days)$54.74
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 6.15%
Interest already paid$70,907Through Dec 2026
Assumption only · ends May 2053$352,544
Assumption + second · ends May 2053, second Jan 2057$422,719
New conventional · ends Jan 2057$512,738