Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
Lowest payment- Down payment
- $61,668
- Funds due
- $72,556
- Interest + MI left
- $379,862
- First ends
- Jul 2053
Assumption
Assumption + second
$3,063/mo
+$428/mo- Down payment
- $19,668
- Funds due
- $31,833
- Interest + MI left
- $491,935
- First ends
- Jul 2053
New loan
New conventional
$2,986/mo
+$351/mo- Down payment
- $19,668
- Funds due
- $28,595
- Interest + MI left
- $555,950
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,332 | $323,332 | $365,332 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,096.60 | $2,096.60 | $2,529.48 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $154.60 | $154.60 | $73.07 |
| Taxes, insurance & HOA | $383.66 | $383.66 | $383.66 |
| Total housing payment | $2,634.86 | $3,062.84 | $2,986.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,668
Closing costs & prepaids$12,166
Usable credit−$0
Total buyer cash needed$31,833
Earnest money paid−$0
Remaining funds due$31,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$529.00
Initial HOA (3 months)$171.99
Prepaid interest, first (2 days)$112.32
Prepaid interest, second (2 days)$27.33
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$69,896Through Nov 2026
Assumption only · ends Jul 2053$379,862
Assumption + second · ends Jul 2053, second Dec 2056$491,935
New conventional · ends Dec 2056$555,950