Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,767/mo
Lowest payment- Down payment
- $50,863
- Funds due
- $62,306
- Interest + MI left
- $383,350
- First ends
- Mar 2053
Assumption
Assumption + second
$3,082/mo
+$316/mo- Down payment
- $19,863
- Funds due
- $32,646
- Interest + MI left
- $466,070
- First ends
- Mar 2053
New loan
New conventional
$2,968/mo
+$202/mo- Down payment
- $19,863
- Funds due
- $29,429
- Interest + MI left
- $531,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,134 | $331,134 | $362,134 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,164.47 | $2,164.47 | $2,453.22 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $159.27 | $159.27 | $72.43 |
| Taxes, insurance & HOA | $442.83 | $442.83 | $442.83 |
| Total housing payment | $2,766.57 | $3,082.46 | $2,968.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,863
Closing costs & prepaids$12,784
Usable credit−$0
Total buyer cash needed$32,646
Earnest money paid−$0
Remaining funds due$32,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,819.97
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)$458.50
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$519.29
Prepaid interest, second (9 days)$90.77
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$81,046Through Dec 2026
Assumption only · ends Mar 2053$383,350
Assumption + second · ends Mar 2053, second Jan 2057$466,070
New conventional · ends Jan 2057$531,383