Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,938/mo
Lowest payment- Down payment
- $66,382
- Funds due
- $78,234
- Interest + MI left
- $425,643
- First ends
- Jul 2053
Assumption
Assumption + second
$3,396/mo
+$459/mo- Down payment
- $21,382
- Funds due
- $34,616
- Interest + MI left
- $545,721
- First ends
- Jul 2053
New loan
New conventional
$3,235/mo
+$297/mo- Down payment
- $21,382
- Funds due
- $31,368
- Interest + MI left
- $592,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,618 | $358,618 | $403,618 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,346.35 | $2,346.35 | $2,734.25 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $171.57 | $171.57 | $80.72 |
| Taxes, insurance & HOA | $420.00 | $420.00 | $420.00 |
| Total housing payment | $2,937.91 | $3,396.47 | $3,234.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,382
Closing costs & prepaids$13,234
Usable credit−$0
Total buyer cash needed$34,616
Earnest money paid−$0
Remaining funds due$34,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$567.70
Prepaid interest, second (9 days)$131.76
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 7 moOf the original 30-year loan at 6.42%
Interest already paid$80,491Through Dec 2026
Assumption only · ends Jul 2053$425,643
Assumption + second · ends Jul 2053, second Jan 2057$545,721
New conventional · ends Jan 2057$592,336