Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,234/mo
Lowest payment- Down payment
- $76,491
- Funds due
- $88,392
- Interest + MI left
- $492,118
- First ends
- Oct 2053
Assumption
Assumption + second
$3,483/mo
+$249/mo- Down payment
- $45,491
- Funds due
- $58,657
- Interest + MI left
- $550,914
- First ends
- Oct 2053
New loan
New conventional
$3,376/mo
+$142/mo- Down payment
- $45,491
- Funds due
- $55,158
- Interest + MI left
- $613,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,509 | $373,509 | $404,509 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,562.01 | $2,562.01 | $2,800.74 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $177.21 | $177.21 | $80.90 |
| Taxes, insurance & HOA | $494.33 | $494.33 | $494.33 |
| Total housing payment | $3,233.56 | $3,482.99 | $3,375.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,491
Closing costs & prepaids$13,166
Usable credit−$0
Total buyer cash needed$58,657
Earnest money paid−$0
Remaining funds due$58,657
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)$948.00
Initial HOA (3 months)$84.99
Prepaid interest, first (2 days)$142.45
Prepaid interest, second (2 days)$15.29
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$81,653Through Nov 2026
Assumption only · ends Oct 2053$492,118
Assumption + second · ends Oct 2053, second Dec 2056$550,914
New conventional · ends Dec 2056$613,384