Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,340/mo
Lowest payment- Down payment
- $59,837
- Funds due
- $70,316
- Interest + MI left
- $327,305
- First ends
- Mar 2053
Assumption
Assumption + second
$2,550/mo
+$209/mo- Down payment
- $33,837
- Funds due
- $45,604
- Interest + MI left
- $376,618
- First ends
- Mar 2053
New loan
New conventional
$2,439/mo
+$99/mo- Down payment
- $33,837
- Funds due
- $42,244
- Interest + MI left
- $432,980
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,163 | $270,163 | $296,163 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,765.93 | $1,765.93 | $2,006.31 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $200.82 | $200.82 | $59.23 |
| Taxes, insurance & HOA | $373.67 | $373.67 | $373.67 |
| Total housing payment | $2,340.41 | $2,549.62 | $2,439.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,837
Closing costs & prepaids$11,767
Usable credit−$0
Total buyer cash needed$45,604
Earnest money paid−$0
Remaining funds due$45,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$275.01
Prepaid interest, first (6 days)$282.45
Prepaid interest, second (6 days)$38.47
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$66,123Through Dec 2026
Assumption only · ends Mar 2053$327,305
Assumption + second · ends Mar 2053, second Jan 2057$376,618
New conventional · ends Jan 2057$432,980