Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,386/mo
Lowest payment- Down payment
- $61,078
- Funds due
- $71,699
- Interest + MI left
- $340,352
- First ends
- Apr 2053
Assumption
Assumption + second
$2,814/mo
+$428/mo- Down payment
- $19,078
- Funds due
- $31,031
- Interest + MI left
- $452,425
- First ends
- Apr 2053
New loan
New conventional
$2,709/mo
+$322/mo- Down payment
- $19,078
- Funds due
- $27,809
- Interest + MI left
- $507,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,922 | $303,922 | $345,922 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,944.13 | $1,944.13 | $2,343.40 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $146.26 | $146.26 | $69.18 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,386.39 | $2,814.37 | $2,708.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,078
Closing costs & prepaids$11,952
Usable credit−$0
Total buyer cash needed$31,031
Earnest money paid−$0
Remaining funds due$31,031
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (6 days)$307.25
Prepaid interest, second (6 days)$81.99
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$70,350Through Dec 2026
Assumption only · ends Apr 2053$340,352
Assumption + second · ends Apr 2053, second Jan 2057$452,425
New conventional · ends Jan 2057$507,594