Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,346/mo
Lowest payment- Down payment
- $48,520
- Funds due
- $57,282
- Interest + MI left
- $169,046
- First ends
- May 2053
Assumption
Assumption + second
$1,571/mo
+$225/mo- Down payment
- $20,520
- Funds due
- $30,545
- Interest + MI left
- $222,152
- First ends
- May 2053
New loan
New conventional
$1,590/mo
+$245/mo- Down payment
- $20,520
- Funds due
- $27,298
- Interest + MI left
- $272,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,480 | $151,480 | $179,480 |
| Second mortgage | — | $28,000 | — |
| First P&I | $960.87 | $960.87 | $1,242.68 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $72.75 | $72.75 | $35.90 |
| Taxes, insurance & HOA | $311.92 | $311.92 | $311.92 |
| Total housing payment | $1,345.54 | $1,570.83 | $1,590.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,520
Closing costs & prepaids$10,025
Usable credit−$0
Total buyer cash needed$30,545
Earnest money paid−$0
Remaining funds due$30,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$485.75
Prepaid interest, first (2 days)$50.55
Prepaid interest, second (2 days)$13.81
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 6 moOf the original 30-year loan at 6.090%
Interest already paid$33,106Through Nov 2026
Assumption only · ends May 2053$169,046
Assumption + second · ends May 2053, second Dec 2056$222,152
New conventional · ends Dec 2056$272,122