Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,296/mo
Lowest payment- Down payment
- $79,159
- Funds due
- $91,140
- Interest + MI left
- $532,542
- First ends
- Nov 2053
Assumption
Assumption + second
$3,553/mo
+$257/mo- Down payment
- $47,159
- Funds due
- $60,406
- Interest + MI left
- $593,234
- First ends
- Nov 2053
New loan
New conventional
$3,378/mo
+$82/mo- Down payment
- $47,159
- Funds due
- $56,885
- Interest + MI left
- $633,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,841 | $385,841 | $417,841 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,711.99 | $2,711.99 | $2,893.05 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $182.57 | $182.57 | $83.57 |
| Taxes, insurance & HOA | $401.17 | $401.17 | $401.17 |
| Total housing payment | $3,295.74 | $3,553.22 | $3,377.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,159
Closing costs & prepaids$13,247
Usable credit−$0
Total buyer cash needed$60,406
Earnest money paid−$0
Remaining funds due$60,406
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$582.25
Initial HOA (3 months)$121.26
Prepaid interest, first (2 days)$152.86
Prepaid interest, second (2 days)$15.78
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 closing27 yrOf the original 30-year loan at 7.230%
Interest already paid$85,131Through Nov 2026
Assumption only · ends Nov 2053$532,542
Assumption + second · ends Nov 2053, second Dec 2056$593,234
New conventional · ends Dec 2056$633,600