Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,844/mo
Lowest payment- Down payment
- $60,724
- Funds due
- $72,386
- Interest + MI left
- $381,264
- First ends
- May 2053
Assumption
Assumption + second
$3,262/mo
+$418/mo- Down payment
- $19,724
- Funds due
- $32,716
- Interest + MI left
- $490,668
- First ends
- May 2053
New loan
New conventional
$3,094/mo
+$250/mo- Down payment
- $19,724
- Funds due
- $29,472
- Interest + MI left
- $528,510
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,176 | $319,176 | $360,176 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,109.46 | $2,109.46 | $2,439.96 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $152.96 | $152.96 | $72.04 |
| Taxes, insurance & HOA | $582.00 | $582.00 | $582.00 |
| Total housing payment | $2,844.43 | $3,262.22 | $3,093.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,724
Closing costs & prepaids$12,991
Usable credit−$0
Total buyer cash needed$32,716
Earnest money paid−$0
Remaining funds due$32,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$840.00
Prepaid interest, first (6 days)$341.04
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 closing26 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$76,142Through Dec 2026
Assumption only · ends May 2053$381,264
Assumption + second · ends May 2053, second Jan 2057$490,668
New conventional · ends Jan 2057$528,510