Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,437/mo
Lowest payment- Down payment
- $63,985
- Funds due
- $76,916
- Interest + MI left
- $493,944
- First ends
- May 2053
Assumption
Assumption + second
$3,834/mo
+$397/mo- Down payment
- $24,985
- Funds due
- $39,280
- Interest + MI left
- $598,012
- First ends
- May 2053
New loan
New conventional
$3,725/mo
+$288/mo- Down payment
- $24,985
- Funds due
- $36,032
- Interest + MI left
- $689,778
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,015 | $431,015 | $470,015 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,783.33 | $2,783.33 | $3,184.05 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $206.97 | $206.97 | $94.00 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $3,436.96 | $3,834.37 | $3,724.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,985
Closing costs & prepaids$14,294
Usable credit−$0
Total buyer cash needed$39,280
Earnest money paid−$0
Remaining funds due$39,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$665.30
Prepaid interest, second (9 days)$114.20
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$99,129Through Dec 2026
Assumption only · ends May 2053$493,944
Assumption + second · ends May 2053, second Jan 2057$598,012
New conventional · ends Jan 2057$689,778