Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,408/mo
Lowest payment- Down payment
- $105,671
- Funds due
- $118,717
- Interest + MI left
- $535,559
- First ends
- Oct 2053
Assumption
Assumption + second
$3,850/mo
+$443/mo- Down payment
- $50,671
- Funds due
- $65,090
- Interest + MI left
- $639,874
- First ends
- Oct 2053
New loan
New conventional
$3,588/mo
+$180/mo- Down payment
- $50,671
- Funds due
- $61,507
- Interest + MI left
- $655,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,329 | $393,329 | $448,329 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,759.87 | $2,759.87 | $3,037.14 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $186.54 | $186.54 | $89.67 |
| Taxes, insurance & HOA | $461.25 | $461.25 | $461.25 |
| Total housing payment | $3,407.66 | $3,850.20 | $3,588.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,671
Closing costs & prepaids$14,418
Usable credit−$0
Total buyer cash needed$65,090
Earnest money paid−$0
Remaining funds due$65,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$697.32
Prepaid interest, second (9 days)$122.05
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 10 moOf the original 30-year loan at 7.19%
Interest already paid$91,210Through Dec 2026
Assumption only · ends Oct 2053$535,559
Assumption + second · ends Oct 2053, second Jan 2057$639,874
New conventional · ends Jan 2057$655,441