Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $111,561
- Funds due
- $122,003
- Interest + MI left
- $314,080
- First ends
- May 2053
Assumption
Assumption + second
$2,729/mo
+$579/mo- Down payment
- $39,561
- Funds due
- $51,271
- Interest + MI left
- $450,638
- First ends
- May 2053
New loan
New conventional
$2,736/mo
+$586/mo- Down payment
- $39,561
- Funds due
- $47,831
- Interest + MI left
- $531,394
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,439 | $278,439 | $350,439 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,776.63 | $1,776.63 | $2,426.37 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $133.66 | $133.66 | $70.09 |
| Taxes, insurance & HOA | $239.83 | $239.83 | $239.83 |
| Total housing payment | $2,150.12 | $2,729.45 | $2,736.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,561
Closing costs & prepaids$11,709
Usable credit−$0
Total buyer cash needed$51,271
Earnest money paid−$0
Remaining funds due$51,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$46.91
Prepaid interest, second (1 days)$17.75
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 6.150%
Interest already paid$61,437Through Nov 2026
Assumption only · ends May 2053$314,080
Assumption + second · ends May 2053, second Dec 2056$450,638
New conventional · ends Dec 2056$531,394