Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,015/mo
Lowest payment- Down payment
- $88,813
- Funds due
- $100,704
- Interest + MI left
- $418,460
- First ends
- Jul 2053
Assumption
Assumption + second
$3,369/mo
+$354/mo- Down payment
- $44,813
- Funds due
- $57,965
- Interest + MI left
- $501,913
- First ends
- Jul 2053
New loan
New conventional
$3,386/mo
+$371/mo- Down payment
- $44,813
- Funds due
- $54,475
- Interest + MI left
- $606,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,187 | $356,187 | $400,187 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,309.65 | $2,309.65 | $2,770.81 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $170.31 | $170.31 | $80.04 |
| Taxes, insurance & HOA | $534.67 | $534.67 | $534.67 |
| Total housing payment | $3,014.62 | $3,368.65 | $3,385.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,813
Closing costs & prepaids$13,152
Usable credit−$0
Total buyer cash needed$57,965
Earnest money paid−$0
Remaining funds due$57,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$899.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$61.87
Prepaid interest, second (1 days)$10.85
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 6.340%
Interest already paid$76,998Through Nov 2026
Assumption only · ends Jul 2053$418,460
Assumption + second · ends Jul 2053, second Dec 2056$501,913
New conventional · ends Dec 2056$606,911