Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,703/mo
Lowest payment- Down payment
- $56,909
- Funds due
- $69,591
- Interest + MI left
- $535,372
- First ends
- Apr 2053
Assumption
Assumption + second
$4,019/mo
+$316/mo- Down payment
- $25,909
- Funds due
- $39,852
- Interest + MI left
- $618,092
- First ends
- Apr 2053
New loan
New conventional
$3,980/mo
+$278/mo- Down payment
- $25,909
- Funds due
- $36,551
- Interest + MI left
- $745,901
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,090 | $459,090 | $490,090 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,993.51 | $2,993.51 | $3,393.28 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $220.27 | $220.27 | $98.02 |
| Taxes, insurance & HOA | $489.00 | $489.00 | $489.00 |
| Total housing payment | $3,702.78 | $4,018.67 | $3,980.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,909
Closing costs & prepaids$13,942
Usable credit−$0
Total buyer cash needed$39,852
Earnest money paid−$0
Remaining funds due$39,852
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,159.99
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)$556.00
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$79.99
Prepaid interest, second (1 days)$10.09
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 5 moOf the original 30-year loan at 6.360%
Interest already paid$107,226Through Nov 2026
Assumption only · ends Apr 2053$535,372
Assumption + second · ends Apr 2053, second Dec 2056$618,092
New conventional · ends Dec 2056$745,901