Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,329/mo
Lowest payment- Down payment
- $65,334
- Funds due
- $78,091
- Interest + MI left
- $477,191
- First ends
- May 2053
Assumption
Assumption + second
$3,747/mo
+$418/mo- Down payment
- $24,334
- Funds due
- $38,461
- Interest + MI left
- $586,595
- First ends
- May 2053
New loan
New conventional
$3,628/mo
+$299/mo- Down payment
- $24,334
- Funds due
- $35,213
- Interest + MI left
- $670,187
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,666 | $415,666 | $456,666 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,686.82 | $2,686.82 | $3,093.61 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $199.58 | $199.58 | $91.33 |
| Taxes, insurance & HOA | $443.08 | $443.08 | $443.08 |
| Total housing payment | $3,329.49 | $3,747.28 | $3,628.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,334
Closing costs & prepaids$14,127
Usable credit−$0
Total buyer cash needed$38,461
Earnest money paid−$0
Remaining funds due$38,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,810.00
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)$577.25
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$642.63
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 6.27%
Interest already paid$95,747Through Dec 2026
Assumption only · ends May 2053$477,191
Assumption + second · ends May 2053, second Jan 2057$586,595
New conventional · ends Jan 2057$670,187