Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,013/mo
Lowest payment- Down payment
- $65,460
- Funds due
- $77,128
- Interest + MI left
- $445,215
- First ends
- May 2053
Assumption
Assumption + second
$3,441/mo
+$428/mo- Down payment
- $23,460
- Funds due
- $36,460
- Interest + MI left
- $557,288
- First ends
- May 2053
New loan
New conventional
$3,306/mo
+$293/mo- Down payment
- $23,460
- Funds due
- $33,198
- Interest + MI left
- $625,743
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,440 | $384,440 | $426,440 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,497.07 | $2,497.07 | $2,888.85 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $184.51 | $184.51 | $85.29 |
| Taxes, insurance & HOA | $331.67 | $331.67 | $331.67 |
| Total housing payment | $3,013.25 | $3,441.23 | $3,305.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,460
Closing costs & prepaids$13,000
Usable credit−$0
Total buyer cash needed$36,460
Earnest money paid−$0
Remaining funds due$36,460
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$5.01
Prepaid interest, first (6 days)$399.40
Prepaid interest, second (6 days)$81.99
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 5 moOf the original 30-year loan at 6.32%
Interest already paid$89,241Through Dec 2026
Assumption only · ends May 2053$445,215
Assumption + second · ends May 2053, second Jan 2057$557,288
New conventional · ends Jan 2057$625,743