Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,997/mo
Lowest payment- Down payment
- $67,760
- Funds due
- $79,656
- Interest + MI left
- $397,886
- First ends
- Aug 2053
Assumption
Assumption + second
$3,215/mo
+$217/mo- Down payment
- $40,760
- Funds due
- $53,920
- Interest + MI left
- $449,095
- First ends
- Aug 2053
New loan
New conventional
$3,227/mo
+$230/mo- Down payment
- $40,760
- Funds due
- $50,477
- Interest + MI left
- $544,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,240 | $332,240 | $359,240 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,170.74 | $2,170.74 | $2,487.31 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $158.56 | $158.56 | $71.85 |
| Taxes, insurance & HOA | $668.08 | $668.08 | $668.08 |
| Total housing payment | $2,997.38 | $3,214.63 | $3,227.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,760
Closing costs & prepaids$13,160
Usable credit−$0
Total buyer cash needed$53,920
Earnest money paid−$0
Remaining funds due$53,920
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,154.25
Initial HOA (3 months)$399.99
Prepaid interest, first (2 days)$117.06
Prepaid interest, second (2 days)$13.32
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 6.430%
Interest already paid$70,949Through Nov 2026
Assumption only · ends Aug 2053$397,886
Assumption + second · ends Aug 2053, second Dec 2056$449,095
New conventional · ends Dec 2056$544,740