Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,601/mo
Lowest payment- Down payment
- $100,411
- Funds due
- $112,033
- Interest + MI left
- $363,460
- First ends
- Apr 2053
Assumption
Assumption + second
$3,075/mo
+$475/mo- Down payment
- $41,411
- Funds due
- $54,414
- Interest + MI left
- $475,362
- First ends
- Apr 2053
New loan
New conventional
$2,990/mo
+$389/mo- Down payment
- $41,411
- Funds due
- $50,981
- Interest + MI left
- $538,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,589 | $309,589 | $368,589 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,032.88 | $2,032.88 | $2,496.95 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $148.65 | $148.65 | $73.72 |
| Taxes, insurance & HOA | $419.00 | $419.00 | $419.00 |
| Total housing payment | $2,600.52 | $3,075.25 | $2,989.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,411
Closing costs & prepaids$13,003
Usable credit−$0
Total buyer cash needed$54,414
Earnest money paid−$0
Remaining funds due$54,414
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$490.08
Prepaid interest, second (9 days)$130.93
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 6.42%
Interest already paid$74,718Through Dec 2026
Assumption only · ends Apr 2053$363,460
Assumption + second · ends Apr 2053, second Jan 2057$475,362
New conventional · ends Jan 2057$538,938