Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $75,936
- Funds due
- $86,548
- Interest + MI left
- $354,266
- First ends
- May 2053
Assumption
Assumption + second
$2,722/mo
+$290/mo- Down payment
- $39,936
- Funds due
- $51,816
- Interest + MI left
- $422,545
- First ends
- May 2053
New loan
New conventional
$2,771/mo
+$339/mo- Down payment
- $39,936
- Funds due
- $48,385
- Interest + MI left
- $530,826
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,064 | $314,064 | $350,064 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,003.95 | $2,003.95 | $2,423.77 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $150.76 | $150.76 | $70.01 |
| Taxes, insurance & HOA | $277.17 | $277.17 | $277.17 |
| Total housing payment | $2,431.88 | $2,721.54 | $2,770.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,936
Closing costs & prepaids$11,880
Usable credit−$0
Total buyer cash needed$51,816
Earnest money paid−$0
Remaining funds due$51,816
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$376.50
Initial HOA (3 months)$5.01
Prepaid interest, first (2 days)$105.84
Prepaid interest, second (2 days)$17.75
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 6 moOf the original 30-year loan at 6.150%
Interest already paid$69,298Through Nov 2026
Assumption only · ends May 2053$354,266
Assumption + second · ends May 2053, second Dec 2056$422,545
New conventional · ends Dec 2056$530,826