Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,014/mo
Lowest payment- Down payment
- $44,918
- Funds due
- $56,319
- Interest + MI left
- $416,637
- First ends
- Apr 2053
Assumption
Assumption + second
$3,269/mo
+$255/mo- Down payment
- $19,918
- Funds due
- $32,577
- Interest + MI left
- $483,347
- First ends
- Apr 2053
New loan
New conventional
$3,172/mo
+$158/mo- Down payment
- $19,918
- Funds due
- $29,332
- Interest + MI left
- $555,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,082 | $340,082 | $365,082 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,280.11 | $2,280.11 | $2,527.75 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $162.79 | $162.79 | $73.02 |
| Taxes, insurance & HOA | $571.33 | $571.33 | $571.33 |
| Total housing payment | $3,014.23 | $3,268.98 | $3,172.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,918
Closing costs & prepaids$12,659
Usable credit−$0
Total buyer cash needed$32,577
Earnest money paid−$0
Remaining funds due$32,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$994.00
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$61.96
Prepaid interest, second (1 days)$8.13
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$82,950Through Nov 2026
Assumption only · ends Apr 2053$416,637
Assumption + second · ends Apr 2053, second Dec 2056$483,347
New conventional · ends Dec 2056$555,570