Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,055/mo
Lowest payment- Down payment
- $85,510
- Funds due
- $97,290
- Interest + MI left
- $464,081
- First ends
- May 2053
Assumption
Assumption + second
$3,345/mo
+$290/mo- Down payment
- $49,510
- Funds due
- $62,558
- Interest + MI left
- $532,360
- First ends
- May 2053
New loan
New conventional
$3,390/mo
+$335/mo- Down payment
- $49,510
- Funds due
- $59,035
- Interest + MI left
- $666,428
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,490 | $403,490 | $439,490 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,602.37 | $2,602.37 | $3,042.94 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $193.51 | $193.51 | $87.90 |
| Taxes, insurance & HOA | $259.08 | $259.08 | $259.08 |
| Total housing payment | $3,054.97 | $3,344.63 | $3,389.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,510
Closing costs & prepaids$13,048
Usable credit−$0
Total buyer cash needed$62,558
Earnest money paid−$0
Remaining funds due$62,558
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$277.25
Prepaid interest, first (2 days)$138.40
Prepaid interest, second (2 days)$17.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.260%
Interest already paid$90,579Through Nov 2026
Assumption only · ends May 2053$464,081
Assumption + second · ends May 2053, second Dec 2056$532,360
New conventional · ends Dec 2056$666,428