Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $120,942
- Funds due
- $133,238
- Interest + MI left
- $393,068
- First ends
- Apr 2053
Assumption
Assumption + second
$3,570/mo
+$603/mo- Down payment
- $45,942
- Funds due
- $59,525
- Interest + MI left
- $535,316
- First ends
- Apr 2053
New loan
New conventional
$3,513/mo
+$546/mo- Down payment
- $45,942
- Funds due
- $56,025
- Interest + MI left
- $612,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,058 | $329,058 | $404,058 |
| Second mortgage | — | $75,000 | — |
| First P&I | $2,174.78 | $2,174.78 | $2,797.62 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $157.70 | $157.70 | $80.81 |
| Taxes, insurance & HOA | $634.50 | $634.50 | $634.50 |
| Total housing payment | $2,966.98 | $3,570.44 | $3,512.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,942
Closing costs & prepaids$13,583
Usable credit−$0
Total buyer cash needed$59,525
Earnest money paid−$0
Remaining funds due$59,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,453.50
Prepaid interest, first (2 days)$117.20
Prepaid interest, second (2 days)$36.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$78,500Through Nov 2026
Assumption only · ends Apr 2053$393,068
Assumption + second · ends Apr 2053, second Dec 2056$535,316
New conventional · ends Dec 2056$612,700