Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
Lowest payment- Down payment
- $68,063
- Funds due
- $79,624
- Interest + MI left
- $393,616
- First ends
- Mar 2053
Assumption
Assumption + second
$3,002/mo
+$225/mo- Down payment
- $40,063
- Funds due
- $52,936
- Interest + MI left
- $446,722
- First ends
- Mar 2053
New loan
New conventional
$2,928/mo
+$152/mo- Down payment
- $40,063
- Funds due
- $49,529
- Interest + MI left
- $526,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,936 | $331,936 | $359,936 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,199.06 | $2,199.06 | $2,438.33 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $159.46 | $159.46 | $71.99 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $2,776.52 | $3,001.81 | $2,928.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,063
Closing costs & prepaids$12,873
Usable credit−$0
Total buyer cash needed$52,936
Earnest money paid−$0
Remaining funds due$52,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$480.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$532.01
Prepaid interest, second (9 days)$62.14
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 3 moOf the original 30-year loan at 6.5%
Interest already paid$82,979Through Dec 2026
Assumption only · ends Mar 2053$393,616
Assumption + second · ends Mar 2053, second Jan 2057$446,722
New conventional · ends Jan 2057$526,286