Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,757/mo
Lowest payment- Down payment
- $70,273
- Funds due
- $81,695
- Interest + MI left
- $408,770
- First ends
- Apr 2053
Assumption
Assumption + second
$2,983/mo
+$225/mo- Down payment
- $42,273
- Funds due
- $55,007
- Interest + MI left
- $461,876
- First ends
- Apr 2053
New loan
New conventional
$2,915/mo
+$157/mo- Down payment
- $42,273
- Funds due
- $51,582
- Interest + MI left
- $544,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,627 | $344,627 | $372,627 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,276.03 | $2,276.03 | $2,524.31 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $165.39 | $165.39 | $74.53 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,757.42 | $2,982.71 | $2,914.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,273
Closing costs & prepaids$12,735
Usable credit−$0
Total buyer cash needed$55,007
Earnest money paid−$0
Remaining funds due$55,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$498.00
Prepaid interest, first (9 days)$550.65
Prepaid interest, second (9 days)$62.14
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 4 moOf the original 30-year loan at 6.48%
Interest already paid$83,930Through Dec 2026
Assumption only · ends Apr 2053$408,770
Assumption + second · ends Apr 2053, second Jan 2057$461,876
New conventional · ends Jan 2057$544,768