Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $383,826
- Funds due
- $395,790
- Interest + MI left
- $103,314
- First ends
- May 2053
Assumption
Assumption + second
$3,442/mo
+$2,407/mo- Down payment
- $47,826
- Funds due
- $61,111
- Interest + MI left
- $633,886
- First ends
- May 2053
New loan
New conventional
$3,432/mo
+$2,397/mo- Down payment
- $47,826
- Funds due
- $57,582
- Interest + MI left
- $640,171
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,174 | $86,174 | $422,174 |
| Second mortgage | — | $336,000 | — |
| First P&I | $568.86 | $568.86 | $2,923.05 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $41.25 | $41.25 | $84.43 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $1,034.78 | $3,441.92 | $3,432.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,826
Closing costs & prepaids$13,286
Usable credit−$0
Total buyer cash needed$61,111
Earnest money paid−$0
Remaining funds due$61,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$774.00
Prepaid interest, first (1 days)$15.35
Prepaid interest, second (1 days)$71.34
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 6.500%
Interest already paid$20,067Through Nov 2026
Assumption only · ends May 2053$103,314
Assumption + second · ends May 2053, second Dec 2056$633,886
New conventional · ends Dec 2056$640,171