Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,001/mo
Lowest payment- Down payment
- $80,185
- Funds due
- $92,047
- Interest + MI left
- $416,787
- First ends
- Aug 2053
Assumption
Assumption + second
$3,307/mo
+$306/mo- Down payment
- $42,185
- Funds due
- $55,315
- Interest + MI left
- $488,859
- First ends
- Aug 2053
New loan
New conventional
$3,280/mo
+$279/mo- Down payment
- $42,185
- Funds due
- $51,856
- Interest + MI left
- $572,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,815 | $339,815 | $377,815 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,250.53 | $2,250.53 | $2,615.91 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $162.01 | $162.01 | $75.56 |
| Taxes, insurance & HOA | $588.25 | $588.25 | $588.25 |
| Total housing payment | $3,000.78 | $3,306.54 | $3,279.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,185
Closing costs & prepaids$13,131
Usable credit−$0
Total buyer cash needed$55,315
Earnest money paid−$0
Remaining funds due$55,315
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,277.75
Initial HOA (3 months)$36.99
Prepaid interest, first (2 days)$122.33
Prepaid interest, second (2 days)$18.74
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$74,107Through Nov 2026
Assumption only · ends Aug 2053$416,787
Assumption + second · ends Aug 2053, second Dec 2056$488,859
New conventional · ends Dec 2056$572,982