Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $101,210
- Funds due
- $111,552
- Interest + MI left
- $320,540
- First ends
- May 2053
Assumption
Assumption + second
$2,678/mo
+$507/mo- Down payment
- $38,210
- Funds due
- $49,817
- Interest + MI left
- $440,028
- First ends
- May 2053
New loan
New conventional
$2,674/mo
+$503/mo- Down payment
- $38,210
- Funds due
- $46,391
- Interest + MI left
- $518,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,690 | $278,690 | $341,690 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,797.45 | $1,797.45 | $2,365.79 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $133.66 | $133.66 | $68.34 |
| Taxes, insurance & HOA | $239.83 | $239.83 | $239.83 |
| Total housing payment | $2,170.94 | $2,677.86 | $2,673.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,210
Closing costs & prepaids$11,607
Usable credit−$0
Total buyer cash needed$49,817
Earnest money paid−$0
Remaining funds due$49,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$269.50
Prepaid interest, first (1 days)$47.80
Prepaid interest, second (1 days)$15.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$62,563Through Nov 2026
Assumption only · ends May 2053$320,540
Assumption + second · ends May 2053, second Dec 2056$440,028
New conventional · ends Dec 2056$518,196