Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,460/mo
Lowest payment- Down payment
- $60,834
- Funds due
- $73,402
- Interest + MI left
- $520,109
- First ends
- Mar 2053
Assumption
Assumption + second
$3,837/mo
+$377/mo- Down payment
- $23,834
- Funds due
- $37,760
- Interest + MI left
- $618,840
- First ends
- Mar 2053
New loan
New conventional
$3,483/mo
+$23/mo- Down payment
- $23,834
- Funds due
- $34,465
- Interest + MI left
- $640,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,156 | $399,156 | $436,156 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,723.28 | $2,723.28 | $2,954.67 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $295.59 | $295.59 | $87.23 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $3,459.53 | $3,836.56 | $3,482.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,834
Closing costs & prepaids$13,925
Usable credit−$0
Total buyer cash needed$37,760
Earnest money paid−$0
Remaining funds due$37,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.90
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)$552.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$670.25
Prepaid interest, second (9 days)$108.34
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 3 moOf the original 30-year loan at 6.81%
Interest already paid$104,401Through Dec 2026
Assumption only · ends Mar 2053$520,109
Assumption + second · ends Mar 2053, second Jan 2057$618,840
New conventional · ends Jan 2057$640,000