Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
Lowest payment- Down payment
- $93,541
- Funds due
- $105,391
- Interest + MI left
- $396,891
- First ends
- Sep 2053
Assumption
Assumption + second
$3,245/mo
+$410/mo- Down payment
- $42,541
- Funds due
- $55,703
- Interest + MI left
- $493,620
- First ends
- Sep 2053
New loan
New conventional
$3,178/mo
+$344/mo- Down payment
- $42,541
- Funds due
- $52,250
- Interest + MI left
- $559,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,409 | $331,409 | $382,409 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,165.31 | $2,165.31 | $2,590.57 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $158.16 | $158.16 | $76.48 |
| Taxes, insurance & HOA | $511.17 | $511.17 | $511.17 |
| Total housing payment | $2,834.64 | $3,245.00 | $3,178.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,541
Closing costs & prepaids$13,163
Usable credit−$0
Total buyer cash needed$55,703
Earnest money paid−$0
Remaining funds due$55,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.50
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)$1,083.50
Prepaid interest, first (5 days)$291.91
Prepaid interest, second (5 days)$62.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 9 moOf the original 30-year loan at 6.43%
Interest already paid$70,771Through Dec 2026
Assumption only · ends Sep 2053$396,891
Assumption + second · ends Sep 2053, second Jan 2057$493,620
New conventional · ends Jan 2057$559,145