Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,004/mo
Lowest payment- Down payment
- $66,470
- Funds due
- $78,275
- Interest + MI left
- $410,104
- First ends
- Apr 2053
Assumption
Assumption + second
$3,463/mo
+$459/mo- Down payment
- $21,470
- Funds due
- $34,584
- Interest + MI left
- $530,183
- First ends
- Apr 2053
New loan
New conventional
$3,307/mo
+$303/mo- Down payment
- $21,470
- Funds due
- $31,328
- Interest + MI left
- $585,257
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,530 | $358,530 | $403,530 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,320.37 | $2,320.37 | $2,714.57 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $172.36 | $172.36 | $80.71 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $3,003.98 | $3,462.53 | $3,306.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,470
Closing costs & prepaids$13,114
Usable credit−$0
Total buyer cash needed$34,584
Earnest money paid−$0
Remaining funds due$34,584
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Prepaid interest, first (4 days)$246.35
Prepaid interest, second (4 days)$58.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.27%
Interest already paid$84,564Through Dec 2026
Assumption only · ends Apr 2053$410,104
Assumption + second · ends Apr 2053, second Jan 2057$530,183
New conventional · ends Jan 2057$585,257