Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,113/mo
Lowest payment- Down payment
- $63,915
- Funds due
- $76,039
- Interest + MI left
- $448,623
- First ends
- May 2053
Assumption
Assumption + second
$3,531/mo
+$418/mo- Down payment
- $22,915
- Funds due
- $36,409
- Interest + MI left
- $558,027
- First ends
- May 2053
New loan
New conventional
$3,372/mo
+$259/mo- Down payment
- $22,915
- Funds due
- $33,153
- Interest + MI left
- $617,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,085 | $380,085 | $421,085 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,495.17 | $2,495.17 | $2,852.58 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $182.26 | $182.26 | $84.22 |
| Taxes, insurance & HOA | $435.58 | $435.58 | $435.58 |
| Total housing payment | $3,113.01 | $3,530.80 | $3,372.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,915
Closing costs & prepaids$13,494
Usable credit−$0
Total buyer cash needed$36,409
Earnest money paid−$0
Remaining funds due$36,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,440.00
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)$532.75
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$602.62
Prepaid interest, second (9 days)$120.05
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 6.43%
Interest already paid$89,723Through Dec 2026
Assumption only · ends May 2053$448,623
Assumption + second · ends May 2053, second Jan 2057$558,027
New conventional · ends Jan 2057$617,886