Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,263/mo
Lowest payment- Down payment
- $51,663
- Funds due
- $63,352
- Interest + MI left
- $493,609
- First ends
- Mar 2053
Assumption
Assumption + second
$3,559/mo
+$296/mo- Down payment
- $22,663
- Funds due
- $35,658
- Interest + MI left
- $570,992
- First ends
- Mar 2053
New loan
New conventional
$3,309/mo
+$46/mo- Down payment
- $22,663
- Funds due
- $32,403
- Interest + MI left
- $626,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,137 | $398,137 | $427,137 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,637.63 | $2,637.63 | $2,893.57 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $295.59 | $295.59 | $85.43 |
| Taxes, insurance & HOA | $329.92 | $329.92 | $329.92 |
| Total housing payment | $3,263.14 | $3,558.65 | $3,308.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,663
Closing costs & prepaids$12,995
Usable credit−$0
Total buyer cash needed$35,658
Earnest money paid−$0
Remaining funds due$35,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,498.00
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)$539.75
Prepaid interest, first (6 days)$425.41
Prepaid interest, second (6 days)$56.61
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$99,528Through Dec 2026
Assumption only · ends Mar 2053$493,609
Assumption + second · ends Mar 2053, second Jan 2057$570,992
New conventional · ends Jan 2057$626,851