Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,222/mo
Lowest payment- Down payment
- $51,843
- Funds due
- $63,982
- Interest + MI left
- $439,523
- First ends
- May 2053
Assumption
Assumption + second
$3,517/mo
+$296/mo- Down payment
- $22,843
- Funds due
- $36,280
- Interest + MI left
- $516,907
- First ends
- May 2053
New loan
New conventional
$3,473/mo
+$251/mo- Down payment
- $22,843
- Funds due
- $33,040
- Interest + MI left
- $619,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,157 | $393,157 | $422,157 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,504.40 | $2,504.40 | $2,859.84 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $189.01 | $189.01 | $84.43 |
| Taxes, insurance & HOA | $528.25 | $528.25 | $528.25 |
| Total housing payment | $3,221.67 | $3,517.18 | $3,472.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,843
Closing costs & prepaids$13,437
Usable credit−$0
Total buyer cash needed$36,280
Earnest money paid−$0
Remaining funds due$36,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$1,134.75
Prepaid interest, first (5 days)$329.61
Prepaid interest, second (5 days)$47.17
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 5 moOf the original 30-year loan at 6.12%
Interest already paid$88,454Through Dec 2026
Assumption only · ends May 2053$439,523
Assumption + second · ends May 2053, second Jan 2057$516,907
New conventional · ends Jan 2057$619,459