Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$900/mo
Lowest payment- Down payment
- $404,619
- Funds due
- $416,696
- Interest + MI left
- $76,644
- First ends
- May 2053
Assumption
Assumption + second
$3,457/mo
+$2,558/mo- Down payment
- $47,619
- Funds due
- $61,477
- Interest + MI left
- $640,377
- First ends
- May 2053
New loan
New conventional
$3,383/mo
+$2,483/mo- Down payment
- $47,619
- Funds due
- $57,921
- Interest + MI left
- $616,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,381 | $64,381 | $421,381 |
| Second mortgage | — | $357,000 | — |
| First P&I | $424.69 | $424.69 | $2,854.58 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | $30.86 | $30.86 | $84.28 |
| Taxes, insurance & HOA | $444.25 | $444.25 | $444.25 |
| Total housing payment | $899.80 | $3,457.39 | $3,383.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,619
Closing costs & prepaids$13,858
Usable credit−$0
Total buyer cash needed$61,477
Earnest money paid−$0
Remaining funds due$61,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Initial HOA (3 months)$270.00
Prepaid interest, first (7 days)$80.01
Prepaid interest, second (7 days)$530.61
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 5 moOf the original 30-year loan at 6.48%
Interest already paid$15,313Through Dec 2026
Assumption only · ends May 2053$76,644
Assumption + second · ends May 2053, second Jan 2057$640,377
New conventional · ends Jan 2057$616,044