Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,112/mo
Lowest payment- Down payment
- $51,424
- Funds due
- $63,431
- Interest + MI left
- $444,359
- First ends
- Apr 2053
Assumption
Assumption + second
$3,407/mo
+$296/mo- Down payment
- $22,424
- Funds due
- $35,766
- Interest + MI left
- $521,742
- First ends
- Apr 2053
New loan
New conventional
$3,323/mo
+$211/mo- Down payment
- $22,424
- Funds due
- $32,546
- Interest + MI left
- $612,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,476 | $388,476 | $417,476 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,514.18 | $2,514.18 | $2,828.13 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $186.76 | $186.76 | $83.50 |
| Taxes, insurance & HOA | $411.00 | $411.00 | $411.00 |
| Total housing payment | $3,111.94 | $3,407.45 | $3,322.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,424
Closing costs & prepaids$13,343
Usable credit−$0
Total buyer cash needed$35,766
Earnest money paid−$0
Remaining funds due$35,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$600.59
Prepaid interest, second (9 days)$84.91
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.27%
Interest already paid$91,627Through Dec 2026
Assumption only · ends Apr 2053$444,359
Assumption + second · ends Apr 2053, second Jan 2057$521,742
New conventional · ends Jan 2057$612,673