Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,501/mo
Lowest payment- Down payment
- $112,455
- Funds due
- $126,027
- Interest + MI left
- $438,677
- First ends
- Mar 2053
Assumption
Assumption + second
$4,008/mo
+$507/mo- Down payment
- $49,455
- Funds due
- $64,308
- Interest + MI left
- $558,165
- First ends
- Mar 2053
New loan
New conventional
$3,993/mo
+$492/mo- Down payment
- $49,455
- Funds due
- $60,779
- Interest + MI left
- $668,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,545 | $377,545 | $440,545 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,464.80 | $2,464.80 | $3,050.24 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $181.36 | $181.36 | $88.11 |
| Taxes, insurance & HOA | $855.00 | $855.00 | $855.00 |
| Total housing payment | $3,501.17 | $4,008.08 | $3,993.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,455
Closing costs & prepaids$14,853
Usable credit−$0
Total buyer cash needed$64,308
Earnest money paid−$0
Remaining funds due$64,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,225.00
Initial HOA (3 months)$840.00
Prepaid interest, first (2 days)$131.57
Prepaid interest, second (2 days)$31.07
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$90,291Through Nov 2026
Assumption only · ends Mar 2053$438,677
Assumption + second · ends Mar 2053, second Dec 2056$558,165
New conventional · ends Dec 2056$668,116