Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,098/mo
Lowest payment- Down payment
- $76,887
- Funds due
- $88,664
- Interest + MI left
- $489,809
- First ends
- Oct 2053
Assumption
Assumption + second
$3,347/mo
+$249/mo- Down payment
- $45,887
- Funds due
- $58,960
- Interest + MI left
- $548,604
- First ends
- Oct 2053
New loan
New conventional
$3,177/mo
+$79/mo- Down payment
- $45,887
- Funds due
- $55,455
- Interest + MI left
- $590,799
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,113 | $373,113 | $404,113 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,562.01 | $2,562.01 | $2,737.60 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $177.21 | $177.21 | $80.82 |
| Taxes, insurance & HOA | $358.33 | $358.33 | $358.33 |
| Total housing payment | $3,097.56 | $3,346.99 | $3,176.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,887
Closing costs & prepaids$13,073
Usable credit−$0
Total buyer cash needed$58,960
Earnest money paid−$0
Remaining funds due$58,960
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$84.99
Prepaid interest, first (6 days)$426.88
Prepaid interest, second (6 days)$45.86
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$83,820Through Dec 2026
Assumption only · ends Oct 2053$489,809
Assumption + second · ends Oct 2053, second Jan 2057$548,604
New conventional · ends Jan 2057$590,799