Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,924/mo
Lowest payment- Down payment
- $85,582
- Funds due
- $97,876
- Interest + MI left
- $368,790
- First ends
- Jul 2053
Assumption
Assumption + second
$3,295/mo
+$370/mo- Down payment
- $39,582
- Funds due
- $53,194
- Interest + MI left
- $456,036
- First ends
- Jul 2053
New loan
New conventional
$3,208/mo
+$284/mo- Down payment
- $39,582
- Funds due
- $49,767
- Interest + MI left
- $512,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,417 | $304,417 | $350,417 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,014.92 | $2,014.92 | $2,373.85 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $145.50 | $145.50 | $70.08 |
| Taxes, insurance & HOA | $764.00 | $764.00 | $764.00 |
| Total housing payment | $2,924.42 | $3,294.55 | $3,207.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,582
Closing costs & prepaids$13,612
Usable credit−$0
Total buyer cash needed$53,194
Earnest money paid−$0
Remaining funds due$53,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Initial HOA (3 months)$1,374.00
Prepaid interest, first (6 days)$327.27
Prepaid interest, second (6 days)$68.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.54%
Interest already paid$69,569Through Dec 2026
Assumption only · ends Jul 2053$368,790
Assumption + second · ends Jul 2053, second Jan 2057$456,036
New conventional · ends Jan 2057$512,298