Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $56,930
- Funds due
- $65,784
- Interest + MI left
- $160,107
- First ends
- Apr 2053
Assumption
Assumption + second
$1,593/mo
+$290/mo- Down payment
- $20,930
- Funds due
- $31,079
- Interest + MI left
- $228,386
- First ends
- Apr 2053
New loan
New conventional
$1,568/mo
+$265/mo- Down payment
- $20,930
- Funds due
- $27,830
- Interest + MI left
- $261,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,970 | $142,970 | $178,970 |
| Second mortgage | — | $36,000 | — |
| First P&I | $914.55 | $914.55 | $1,212.41 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $68.80 | $68.80 | $35.79 |
| Taxes, insurance & HOA | $319.92 | $319.92 | $319.92 |
| Total housing payment | $1,303.27 | $1,592.93 | $1,568.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,930
Closing costs & prepaids$10,149
Usable credit−$0
Total buyer cash needed$31,079
Earnest money paid−$0
Remaining funds due$31,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$509.75
Prepaid interest, first (5 days)$120.45
Prepaid interest, second (5 days)$44.38
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$33,094Through Dec 2026
Assumption only · ends Apr 2053$160,107
Assumption + second · ends Apr 2053, second Jan 2057$228,386
New conventional · ends Jan 2057$261,612