Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,138/mo
Lowest payment- Down payment
- $89,243
- Funds due
- $101,628
- Interest + MI left
- $390,322
- First ends
- Feb 2053
Assumption
Assumption + second
$3,532/mo
+$394/mo- Down payment
- $40,243
- Funds due
- $53,903
- Interest + MI left
- $483,258
- First ends
- Feb 2053
New loan
New conventional
$3,396/mo
+$258/mo- Down payment
- $40,243
- Funds due
- $50,460
- Interest + MI left
- $545,596
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,757 | $310,757 | $359,757 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,074.52 | $2,074.52 | $2,490.88 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $230.56 | $230.56 | $71.95 |
| Taxes, insurance & HOA | $832.92 | $832.92 | $832.92 |
| Total housing payment | $3,138.00 | $3,532.27 | $3,395.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,243
Closing costs & prepaids$13,660
Usable credit−$0
Total buyer cash needed$53,903
Earnest money paid−$0
Remaining funds due$53,903
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$2,022.00
Initial HOA (3 months)$26.76
Prepaid interest, first (2 days)$112.04
Prepaid interest, second (2 days)$24.16
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 3 moOf the original 30-year loan at 6.580%
Interest already paid$78,613Through Nov 2026
Assumption only · ends Feb 2053$390,322
Assumption + second · ends Feb 2053, second Dec 2056$483,258
New conventional · ends Dec 2056$545,596