Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,245/mo
Lowest payment- Down payment
- $53,372
- Funds due
- $64,976
- Interest + MI left
- $484,168
- First ends
- Jun 2053
Assumption
Assumption + second
$3,551/mo
+$306/mo- Down payment
- $23,372
- Funds due
- $36,235
- Interest + MI left
- $564,220
- First ends
- Jun 2053
New loan
New conventional
$3,455/mo
+$209/mo- Down payment
- $23,372
- Funds due
- $32,957
- Interest + MI left
- $647,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,628 | $395,628 | $425,628 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,633.78 | $2,633.78 | $2,946.96 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $189.01 | $189.01 | $85.13 |
| Taxes, insurance & HOA | $422.42 | $422.42 | $422.42 |
| Total housing payment | $3,245.21 | $3,550.91 | $3,454.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,372
Closing costs & prepaids$12,864
Usable credit−$0
Total buyer cash needed$36,235
Earnest money paid−$0
Remaining funds due$36,235
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$580.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$71.54
Prepaid interest, second (1 days)$9.76
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 7 moOf the original 30-year loan at 6.600%
Interest already paid$91,221Through Nov 2026
Assumption only · ends Jun 2053$484,168
Assumption + second · ends Jun 2053, second Dec 2056$564,220
New conventional · ends Dec 2056$647,707