Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,426/mo
Lowest payment- Down payment
- $56,125
- Funds due
- $68,467
- Interest + MI left
- $501,489
- First ends
- Aug 2053
Assumption
Assumption + second
$3,752/mo
+$326/mo- Down payment
- $24,125
- Funds due
- $37,738
- Interest + MI left
- $586,877
- First ends
- Aug 2053
New loan
New conventional
$3,664/mo
+$238/mo- Down payment
- $24,125
- Funds due
- $34,457
- Interest + MI left
- $670,909
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,875 | $408,875 | $440,875 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,707.89 | $2,707.89 | $3,052.53 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $194.94 | $194.94 | $88.18 |
| Taxes, insurance & HOA | $523.08 | $523.08 | $523.08 |
| Total housing payment | $3,425.91 | $3,751.99 | $3,663.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,125
Closing costs & prepaids$13,612
Usable credit−$0
Total buyer cash needed$37,738
Earnest money paid−$0
Remaining funds due$37,738
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)$935.75
Initial HOA (3 months)$133.50
Prepaid interest, first (2 days)$147.19
Prepaid interest, second (2 days)$20.82
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 6.570%
Interest already paid$89,167Through Nov 2026
Assumption only · ends Aug 2053$501,489
Assumption + second · ends Aug 2053, second Dec 2056$586,877
New conventional · ends Dec 2056$670,909