Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,915/mo
Lowest payment- Down payment
- $62,846
- Funds due
- $76,521
- Interest + MI left
- $595,549
- First ends
- Oct 2053
Assumption
Assumption + second
$4,282/mo
+$367/mo- Down payment
- $26,846
- Funds due
- $41,876
- Interest + MI left
- $691,612
- First ends
- Oct 2053
New loan
New conventional
$4,049/mo
+$134/mo- Down payment
- $26,846
- Funds due
- $38,562
- Interest + MI left
- $738,411
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,154 | $467,154 | $503,154 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,153.32 | $3,153.32 | $3,408.54 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $222.15 | $222.15 | $100.63 |
| Taxes, insurance & HOA | $539.67 | $539.67 | $539.67 |
| Total housing payment | $3,915.14 | $4,281.98 | $4,048.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,846
Closing costs & prepaids$15,030
Usable credit−$0
Total buyer cash needed$41,876
Earnest money paid−$0
Remaining funds due$41,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Initial HOA (3 months)$483.00
Prepaid interest, first (9 days)$780.98
Prepaid interest, second (9 days)$105.41
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 10 moOf the original 30-year loan at 6.78%
Interest already paid$102,296Through Dec 2026
Assumption only · ends Oct 2053$595,549
Assumption + second · ends Oct 2053, second Jan 2057$691,612
New conventional · ends Jan 2057$738,411