Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,438/mo
Lowest payment- Down payment
- $49,149
- Funds due
- $61,527
- Interest + MI left
- $509,176
- First ends
- Mar 2053
Assumption
Assumption + second
$3,692/mo
+$255/mo- Down payment
- $24,149
- Funds due
- $37,826
- Interest + MI left
- $575,886
- First ends
- Mar 2053
New loan
New conventional
$3,561/mo
+$123/mo- Down payment
- $24,149
- Funds due
- $34,565
- Interest + MI left
- $668,991
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,851 | $430,851 | $455,851 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,848.91 | $2,848.91 | $3,088.09 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $207.01 | $207.01 | $91.17 |
| Taxes, insurance & HOA | $381.59 | $381.59 | $381.59 |
| Total housing payment | $3,437.51 | $3,692.26 | $3,560.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,149
Closing costs & prepaids$13,678
Usable credit−$0
Total buyer cash needed$37,826
Earnest money paid−$0
Remaining funds due$37,826
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)$68.76
Prepaid interest, first (6 days)$458.95
Prepaid interest, second (6 days)$48.80
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 6.48%
Interest already paid$107,384Through Dec 2026
Assumption only · ends Mar 2053$509,176
Assumption + second · ends Mar 2053, second Jan 2057$575,886
New conventional · ends Jan 2057$668,991