Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,443/mo
Lowest payment- Down payment
- $80,339
- Funds due
- $91,332
- Interest + MI left
- $360,341
- First ends
- May 2053
Assumption
Assumption + second
$2,781/mo
+$338/mo- Down payment
- $38,339
- Funds due
- $50,676
- Interest + MI left
- $439,999
- First ends
- May 2053
New loan
New conventional
$2,702/mo
+$259/mo- Down payment
- $38,339
- Funds due
- $47,274
- Interest + MI left
- $502,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,660 | $301,660 | $343,660 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,993.70 | $1,993.70 | $2,328.07 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $144.57 | $144.57 | $68.73 |
| Taxes, insurance & HOA | $304.91 | $304.91 | $304.91 |
| Total housing payment | $2,443.18 | $2,781.13 | $2,701.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,339
Closing costs & prepaids$12,336
Usable credit−$0
Total buyer cash needed$50,676
Earnest money paid−$0
Remaining funds due$50,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,819.99
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)$458.50
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$483.48
Prepaid interest, second (9 days)$93.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$71,964Through Dec 2026
Assumption only · ends May 2053$360,341
Assumption + second · ends May 2053, second Jan 2057$439,999
New conventional · ends Jan 2057$502,488