Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,130/mo
Lowest payment- Down payment
- $57,023
- Funds due
- $70,765
- Interest + MI left
- $608,098
- First ends
- May 2053
Assumption
Assumption + second
$4,405/mo
+$275/mo- Down payment
- $30,023
- Funds due
- $45,067
- Interest + MI left
- $680,145
- First ends
- May 2053
New loan
New conventional
$4,382/mo
+$252/mo- Down payment
- $30,023
- Funds due
- $41,790
- Interest + MI left
- $836,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $542,977 | $542,977 | $569,977 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,462.15 | $3,462.15 | $3,861.22 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $261.02 | $261.02 | $114.00 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $4,129.83 | $4,404.96 | $4,381.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,023
Closing costs & prepaids$15,045
Usable credit−$0
Total buyer cash needed$45,067
Earnest money paid−$0
Remaining funds due$45,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Prepaid interest, first (6 days)$547.14
Prepaid interest, second (6 days)$52.71
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 6.13%
Interest already paid$122,356Through Dec 2026
Assumption only · ends May 2053$608,098
Assumption + second · ends May 2053, second Jan 2057$680,145
New conventional · ends Jan 2057$836,479