Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,721/mo
Lowest payment- Down payment
- $51,471
- Funds due
- $64,788
- Interest + MI left
- $532,774
- First ends
- Apr 2053
Assumption
Assumption + second
$3,976/mo
+$255/mo- Down payment
- $26,471
- Funds due
- $41,111
- Interest + MI left
- $599,485
- First ends
- Apr 2053
New loan
New conventional
$3,880/mo
+$159/mo- Down payment
- $26,471
- Funds due
- $37,860
- Interest + MI left
- $709,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $458,529 | $458,529 | $483,529 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,993.51 | $2,993.51 | $3,275.59 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $220.27 | $220.27 | $96.71 |
| Taxes, insurance & HOA | $507.67 | $507.67 | $507.67 |
| Total housing payment | $3,721.45 | $3,976.20 | $3,879.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,471
Closing costs & prepaids$14,640
Usable credit−$0
Total buyer cash needed$41,111
Earnest money paid−$0
Remaining funds due$41,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$719.07
Prepaid interest, second (9 days)$73.20
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 4 moOf the original 30-year loan at 6.36%
Interest already paid$109,659Through Dec 2026
Assumption only · ends Apr 2053$532,774
Assumption + second · ends Apr 2053, second Jan 2057$599,485
New conventional · ends Jan 2057$709,514