Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,241/mo
Lowest payment- Down payment
- $94,521
- Funds due
- $106,762
- Interest + MI left
- $485,596
- First ends
- Aug 2053
Assumption
Assumption + second
$3,595/mo
+$354/mo- Down payment
- $50,521
- Funds due
- $64,023
- Interest + MI left
- $569,048
- First ends
- Aug 2053
New loan
New conventional
$3,600/mo
+$359/mo- Down payment
- $50,521
- Funds due
- $60,477
- Interest + MI left
- $681,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,479 | $405,479 | $449,479 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,649.25 | $2,649.25 | $3,112.10 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $193.51 | $193.51 | $89.90 |
| Taxes, insurance & HOA | $398.25 | $398.25 | $398.25 |
| Total housing payment | $3,241.02 | $3,595.05 | $3,600.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,521
Closing costs & prepaids$13,502
Usable credit−$0
Total buyer cash needed$64,023
Earnest money paid−$0
Remaining funds due$64,023
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$607.75
Initial HOA (3 months)$87.00
Prepaid interest, first (1 days)$71.43
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 9 moOf the original 30-year loan at 6.430%
Interest already paid$86,589Through Nov 2026
Assumption only · ends Aug 2053$485,596
Assumption + second · ends Aug 2053, second Dec 2056$569,048
New conventional · ends Dec 2056$681,575