Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,019/mo
Lowest payment- Down payment
- $89,660
- Funds due
- $101,667
- Interest + MI left
- $431,704
- First ends
- May 2053
Assumption
Assumption + second
$3,365/mo
+$346/mo- Down payment
- $46,660
- Funds due
- $59,939
- Interest + MI left
- $513,260
- First ends
- May 2053
New loan
New conventional
$3,398/mo
+$379/mo- Down payment
- $46,660
- Funds due
- $56,442
- Interest + MI left
- $634,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,340 | $375,340 | $418,340 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,420.82 | $2,420.82 | $2,896.50 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $180.01 | $180.01 | $83.67 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $3,018.83 | $3,364.82 | $3,398.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,660
Closing costs & prepaids$13,279
Usable credit−$0
Total buyer cash needed$59,939
Earnest money paid−$0
Remaining funds due$59,939
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)$520.00
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$128.75
Prepaid interest, second (2 days)$21.21
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$84,260Through Nov 2026
Assumption only · ends May 2053$431,704
Assumption + second · ends May 2053, second Dec 2056$513,260
New conventional · ends Dec 2056$634,441