Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,307/mo
Lowest payment- Down payment
- $94,588
- Funds due
- $107,212
- Interest + MI left
- $462,534
- First ends
- Jul 2053
Assumption
Assumption + second
$3,685/mo
+$378/mo- Down payment
- $47,588
- Funds due
- $61,473
- Interest + MI left
- $551,676
- First ends
- Jul 2053
New loan
New conventional
$3,655/mo
+$348/mo- Down payment
- $47,588
- Funds due
- $57,954
- Interest + MI left
- $648,199
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,412 | $380,412 | $427,412 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,515.00 | $2,515.00 | $2,959.31 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $181.61 | $181.61 | $85.48 |
| Taxes, insurance & HOA | $610.00 | $610.00 | $610.00 |
| Total housing payment | $3,306.62 | $3,684.79 | $3,654.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,588
Closing costs & prepaids$13,885
Usable credit−$0
Total buyer cash needed$61,473
Earnest money paid−$0
Remaining funds due$61,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,198.00
Initial HOA (3 months)$132.00
Prepaid interest, first (1 days)$68.16
Prepaid interest, second (1 days)$11.59
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$84,762Through Nov 2026
Assumption only · ends Jul 2053$462,534
Assumption + second · ends Jul 2053, second Dec 2056$551,676
New conventional · ends Dec 2056$648,199