Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,414/mo
Lowest payment- Down payment
- $54,832
- Funds due
- $67,544
- Interest + MI left
- $432,139
- First ends
- Aug 2053
Assumption
Assumption + second
$3,761/mo
+$346/mo- Down payment
- $20,832
- Funds due
- $34,816
- Interest + MI left
- $522,864
- First ends
- Aug 2053
New loan
New conventional
$3,634/mo
+$220/mo- Down payment
- $20,832
- Funds due
- $31,563
- Interest + MI left
- $575,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,168 | $344,168 | $378,168 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,310.22 | $2,310.22 | $2,618.36 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $163.92 | $163.92 | $75.63 |
| Taxes, insurance & HOA | $940.25 | $940.25 | $940.25 |
| Total housing payment | $3,414.39 | $3,760.85 | $3,634.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,832
Closing costs & prepaids$13,984
Usable credit−$0
Total buyer cash needed$34,816
Earnest money paid−$0
Remaining funds due$34,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,320.75
Initial HOA (3 months)$1,050.00
Prepaid interest, first (2 days)$126.54
Prepaid interest, second (2 days)$22.12
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 9 moOf the original 30-year loan at 6.710%
Interest already paid$76,616Through Nov 2026
Assumption only · ends Aug 2053$432,139
Assumption + second · ends Aug 2053, second Dec 2056$522,864
New conventional · ends Dec 2056$575,484