Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,166/mo
Lowest payment- Down payment
- $177,427
- Funds due
- $190,706
- Interest + MI left
- $468,988
- First ends
- Jun 2053
Assumption
Assumption + second
$4,047/mo
+$881/mo- Down payment
- $57,427
- Funds due
- $72,114
- Interest + MI left
- $665,974
- First ends
- Jun 2053
New loan
New conventional
$3,970/mo
+$803/mo- Down payment
- $57,427
- Funds due
- $68,517
- Interest + MI left
- $749,467
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,573 | $392,573 | $512,573 |
| Second mortgage | — | $120,000 | — |
| First P&I | $2,591.48 | $2,591.48 | $3,472.35 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $179.93 | $179.93 | $102.51 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $3,166.07 | $4,046.59 | $3,969.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,427
Closing costs & prepaids$14,686
Usable credit−$0
Total buyer cash needed$72,114
Earnest money paid−$0
Remaining funds due$72,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Prepaid interest, first (6 days)$419.46
Prepaid interest, second (6 days)$157.81
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 6 moOf the original 30-year loan at 6.5%
Interest already paid$91,415Through Dec 2026
Assumption only · ends Jun 2053$468,988
Assumption + second · ends Jun 2053, second Jan 2057$665,974
New conventional · ends Jan 2057$749,467