Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,033/mo
Lowest payment- Down payment
- $154,601
- Funds due
- $167,512
- Interest + MI left
- $431,484
- First ends
- Apr 2053
Assumption
Assumption + second
$3,767/mo
+$734/mo- Down payment
- $54,601
- Funds due
- $68,894
- Interest + MI left
- $595,639
- First ends
- Apr 2053
New loan
New conventional
$3,767/mo
+$735/mo- Down payment
- $54,601
- Funds due
- $65,350
- Interest + MI left
- $709,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,299 | $385,299 | $485,299 |
| Second mortgage | — | $100,000 | — |
| First P&I | $2,464.68 | $2,464.68 | $3,287.58 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | $185.42 | $185.42 | $97.06 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $3,032.77 | $3,766.53 | $3,767.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,601
Closing costs & prepaids$14,293
Usable credit−$0
Total buyer cash needed$68,894
Earnest money paid−$0
Remaining funds due$68,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Prepaid interest, first (6 days)$389.52
Prepaid interest, second (6 days)$131.51
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$89,187Through Dec 2026
Assumption only · ends Apr 2053$431,484
Assumption + second · ends Apr 2053, second Jan 2057$595,639
New conventional · ends Jan 2057$709,587