Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,914/mo
Lowest payment- Down payment
- $105,091
- Funds due
- $117,040
- Interest + MI left
- $420,640
- First ends
- May 2053
Assumption
Assumption + second
$3,373/mo
+$459/mo- Down payment
- $48,091
- Funds due
- $61,318
- Interest + MI left
- $528,749
- First ends
- May 2053
New loan
New conventional
$3,426/mo
+$512/mo- Down payment
- $48,091
- Funds due
- $57,808
- Interest + MI left
- $655,019
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,909 | $374,909 | $431,909 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,385.15 | $2,385.15 | $2,990.45 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $180.01 | $180.01 | $86.38 |
| Taxes, insurance & HOA | $349.33 | $349.33 | $349.33 |
| Total housing payment | $2,914.50 | $3,373.13 | $3,426.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,091
Closing costs & prepaids$13,227
Usable credit−$0
Total buyer cash needed$61,318
Earnest money paid−$0
Remaining funds due$61,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$548.00
Prepaid interest, first (2 days)$125.72
Prepaid interest, second (2 days)$28.11
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 6.120%
Interest already paid$82,330Through Nov 2026
Assumption only · ends May 2053$420,640
Assumption + second · ends May 2053, second Dec 2056$528,749
New conventional · ends Dec 2056$655,019