Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,346/mo
Lowest payment- Down payment
- $83,016
- Funds due
- $95,456
- Interest + MI left
- $491,158
- First ends
- Oct 2053
Assumption
Assumption + second
$3,635/mo
+$290/mo- Down payment
- $47,016
- Funds due
- $60,715
- Interest + MI left
- $559,437
- First ends
- Oct 2053
New loan
New conventional
$3,559/mo
+$213/mo- Down payment
- $47,016
- Funds due
- $57,200
- Interest + MI left
- $633,817
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,984 | $381,984 | $417,984 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,583.00 | $2,583.00 | $2,894.04 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $181.41 | $181.41 | $83.60 |
| Taxes, insurance & HOA | $581.42 | $581.42 | $581.42 |
| Total housing payment | $3,345.83 | $3,635.49 | $3,559.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,016
Closing costs & prepaids$13,699
Usable credit−$0
Total buyer cash needed$60,715
Earnest money paid−$0
Remaining funds due$60,715
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)$1,169.25
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$71.27
Prepaid interest, second (1 days)$8.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.810%
Interest already paid$81,748Through Nov 2026
Assumption only · ends Oct 2053$491,158
Assumption + second · ends Oct 2053, second Dec 2056$559,437
New conventional · ends Dec 2056$633,817