Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,871/mo
Lowest payment- Down payment
- $90,023
- Funds due
- $101,676
- Interest + MI left
- $386,317
- First ends
- Mar 2053
Assumption
Assumption + second
$3,273/mo
+$402/mo- Down payment
- $40,023
- Funds due
- $52,951
- Interest + MI left
- $481,149
- First ends
- Mar 2053
New loan
New conventional
$3,135/mo
+$263/mo- Down payment
- $40,023
- Funds due
- $49,509
- Interest + MI left
- $538,274
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,976 | $304,976 | $354,976 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,039.34 | $2,039.34 | $2,457.78 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $225.95 | $225.95 | $71.00 |
| Taxes, insurance & HOA | $605.75 | $605.75 | $605.75 |
| Total housing payment | $2,871.04 | $3,273.35 | $3,134.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,023
Closing costs & prepaids$12,927
Usable credit−$0
Total buyer cash needed$52,951
Earnest money paid−$0
Remaining funds due$52,951
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.99
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)$317.25
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$110.46
Prepaid interest, second (2 days)$24.66
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 4 moOf the original 30-year loan at 6.610%
Interest already paid$75,721Through Nov 2026
Assumption only · ends Mar 2053$386,317
Assumption + second · ends Mar 2053, second Dec 2056$481,149
New conventional · ends Dec 2056$538,274