Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,614/mo
Lowest payment- Down payment
- $76,962
- Funds due
- $87,711
- Interest + MI left
- $398,854
- First ends
- Jul 2053
Assumption
Assumption + second
$2,904/mo
+$290/mo- Down payment
- $40,962
- Funds due
- $52,970
- Interest + MI left
- $467,133
- First ends
- Jul 2053
New loan
New conventional
$2,882/mo
+$268/mo- Down payment
- $40,962
- Funds due
- $49,517
- Interest + MI left
- $552,015
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,038 | $328,038 | $364,038 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,168.75 | $2,168.75 | $2,520.53 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $156.61 | $156.61 | $72.81 |
| Taxes, insurance & HOA | $288.58 | $288.58 | $288.58 |
| Total housing payment | $2,613.94 | $2,903.61 | $2,881.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,962
Closing costs & prepaids$12,008
Usable credit−$0
Total buyer cash needed$52,970
Earnest money paid−$0
Remaining funds due$52,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$346.75
Initial HOA (3 months)$69.00
Prepaid interest, first (1 days)$58.78
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 8 moOf the original 30-year loan at 6.540%
Interest already paid$73,092Through Nov 2026
Assumption only · ends Jul 2053$398,854
Assumption + second · ends Jul 2053, second Dec 2056$467,133
New conventional · ends Dec 2056$552,015