Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
+$60/mo- Down payment
- $62,091
- Funds due
- $74,594
- Interest + MI left
- $563,678
- First ends
- Jan 2053
Assumption
Assumption + second
$4,041/mo
+$448/mo- Down payment
- $24,091
- Funds due
- $37,918
- Interest + MI left
- $665,078
- First ends
- Jan 2053
New loan
New conventional
$3,593/mo
Lowest payment- Down payment
- $24,091
- Funds due
- $34,604
- Interest + MI left
- $669,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,909 | $417,909 | $455,909 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,930.48 | $2,930.48 | $3,088.49 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $309.50 | $309.50 | $91.18 |
| Taxes, insurance & HOA | $413.67 | $413.67 | $413.67 |
| Total housing payment | $3,653.64 | $4,040.87 | $3,593.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,091
Closing costs & prepaids$13,827
Usable credit−$0
Total buyer cash needed$37,918
Earnest money paid−$0
Remaining funds due$37,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$165.00
Prepaid interest, first (6 days)$486.38
Prepaid interest, second (6 days)$74.18
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 1 moOf the original 30-year loan at 7.08%
Interest already paid$118,702Through Dec 2026
Assumption only · ends Jan 2053$563,678
Assumption + second · ends Jan 2053, second Jan 2057$665,078
New conventional · ends Jan 2057$669,076