Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,219/mo
Lowest payment- Down payment
- $64,298
- Funds due
- $77,082
- Interest + MI left
- $404,460
- First ends
- Oct 2053
Assumption
Assumption + second
$3,428/mo
+$209/mo- Down payment
- $38,298
- Funds due
- $52,377
- Interest + MI left
- $453,772
- First ends
- Oct 2053
New loan
New conventional
$3,315/mo
+$96/mo- Down payment
- $38,298
- Funds due
- $48,957
- Interest + MI left
- $499,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,702 | $315,702 | $341,702 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,137.12 | $2,137.12 | $2,314.81 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $150.10 | $150.10 | $68.34 |
| Taxes, insurance & HOA | $932.00 | $932.00 | $932.00 |
| Total housing payment | $3,219.22 | $3,428.42 | $3,315.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,298
Closing costs & prepaids$14,078
Usable credit−$0
Total buyer cash needed$52,377
Earnest money paid−$0
Remaining funds due$52,377
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$1,890.00
Prepaid interest, first (7 days)$412.31
Prepaid interest, second (7 days)$44.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 6.81%
Interest already paid$69,430Through Dec 2026
Assumption only · ends Oct 2053$404,460
Assumption + second · ends Oct 2053, second Jan 2057$453,772
New conventional · ends Jan 2057$499,625