Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,638/mo
Lowest payment- Down payment
- $110,233
- Funds due
- $123,708
- Interest + MI left
- $532,783
- First ends
- Mar 2053
Assumption
Assumption + second
$4,081/mo
+$443/mo- Down payment
- $55,233
- Funds due
- $70,080
- Interest + MI left
- $637,098
- First ends
- Mar 2053
New loan
New conventional
$3,887/mo
+$249/mo- Down payment
- $55,233
- Funds due
- $66,542
- Interest + MI left
- $723,431
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,767 | $439,767 | $494,767 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,874.55 | $2,874.55 | $3,351.72 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $326.89 | $326.89 | $98.95 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $3,638.11 | $4,080.65 | $3,887.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,233
Closing costs & prepaids$14,847
Usable credit−$0
Total buyer cash needed$70,080
Earnest money paid−$0
Remaining funds due$70,080
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$689.65
Prepaid interest, second (9 days)$122.05
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$107,635Through Dec 2026
Assumption only · ends Mar 2053$532,783
Assumption + second · ends Mar 2053, second Jan 2057$637,098
New conventional · ends Jan 2057$723,431