Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,665/mo
Lowest payment- Down payment
- $128,608
- Funds due
- $138,580
- Interest + MI left
- $225,957
- First ends
- May 2053
Assumption
Assumption + second
$2,430/mo
+$764/mo- Down payment
- $33,608
- Funds due
- $44,853
- Interest + MI left
- $406,138
- First ends
- May 2053
New loan
New conventional
$2,399/mo
+$733/mo- Down payment
- $33,608
- Funds due
- $41,470
- Interest + MI left
- $449,439
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,392 | $201,392 | $296,392 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,281.24 | $1,281.24 | $2,052.16 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $96.70 | $96.70 | $59.28 |
| Taxes, insurance & HOA | $287.50 | $287.50 | $287.50 |
| Total housing payment | $1,665.44 | $2,429.83 | $2,398.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,608
Closing costs & prepaids$11,245
Usable credit−$0
Total buyer cash needed$44,853
Earnest money paid−$0
Remaining funds due$44,853
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$412.50
Prepaid interest, first (1 days)$33.77
Prepaid interest, second (1 days)$23.42
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 6.120%
Interest already paid$44,226Through Nov 2026
Assumption only · ends May 2053$225,957
Assumption + second · ends May 2053, second Dec 2056$406,138
New conventional · ends Dec 2056$449,439