Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,838/mo
Lowest payment- Down payment
- $101,049
- Funds due
- $114,924
- Interest + MI left
- $512,469
- First ends
- Jun 2053
Assumption
Assumption + second
$4,208/mo
+$370/mo- Down payment
- $55,049
- Funds due
- $70,196
- Interest + MI left
- $599,715
- First ends
- Jun 2053
New loan
New conventional
$4,256/mo
+$418/mo- Down payment
- $55,049
- Funds due
- $66,620
- Interest + MI left
- $742,946
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,951 | $443,951 | $489,951 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,859.82 | $2,859.82 | $3,392.32 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $212.66 | $212.66 | $97.99 |
| Taxes, insurance & HOA | $765.83 | $765.83 | $765.83 |
| Total housing payment | $3,838.31 | $4,208.44 | $4,256.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,049
Closing costs & prepaids$15,147
Usable credit−$0
Total buyer cash needed$70,196
Earnest money paid−$0
Remaining funds due$70,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$1,683.25
Initial HOA (3 months)$114.24
Prepaid interest, first (2 days)$152.28
Prepaid interest, second (2 days)$22.68
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 7 moOf the original 30-year loan at 6.260%
Interest already paid$97,224Through Nov 2026
Assumption only · ends Jun 2053$512,469
Assumption + second · ends Jun 2053, second Dec 2056$599,715
New conventional · ends Dec 2056$742,946