Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,251/mo
Lowest payment- Down payment
- $61,873
- Funds due
- $74,066
- Interest + MI left
- $466,316
- First ends
- Mar 2053
Assumption
Assumption + second
$3,649/mo
+$397/mo- Down payment
- $22,873
- Funds due
- $36,430
- Interest + MI left
- $570,383
- First ends
- Mar 2053
New loan
New conventional
$3,417/mo
+$166/mo- Down payment
- $22,873
- Funds due
- $33,189
- Interest + MI left
- $626,837
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,127 | $388,127 | $427,127 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,524.80 | $2,524.80 | $2,893.51 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $288.63 | $288.63 | $85.43 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $3,251.43 | $3,648.84 | $3,416.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,873
Closing costs & prepaids$13,557
Usable credit−$0
Total buyer cash needed$36,430
Earnest money paid−$0
Remaining funds due$36,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$603.88
Prepaid interest, second (9 days)$114.20
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 6.31%
Interest already paid$94,270Through Dec 2026
Assumption only · ends Mar 2053$466,316
Assumption + second · ends Mar 2053, second Jan 2057$570,383
New conventional · ends Jan 2057$626,837