Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
Lowest payment- Down payment
- $71,978
- Funds due
- $84,445
- Interest + MI left
- $468,078
- First ends
- Aug 2053
Assumption
Assumption + second
$3,372/mo
+$209/mo- Down payment
- $45,978
- Funds due
- $59,753
- Interest + MI left
- $517,391
- First ends
- Aug 2053
New loan
New conventional
$3,293/mo
+$130/mo- Down payment
- $45,978
- Funds due
- $56,289
- Interest + MI left
- $598,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,022 | $383,022 | $409,022 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,539.59 | $2,539.59 | $2,770.86 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $182.82 | $182.82 | $81.80 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $3,163.08 | $3,372.28 | $3,293.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,978
Closing costs & prepaids$13,775
Usable credit−$0
Total buyer cash needed$59,753
Earnest money paid−$0
Remaining funds due$59,753
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$620.50
Prepaid interest, second (9 days)$57.70
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 8 moOf the original 30-year loan at 6.57%
Interest already paid$85,725Through Dec 2026
Assumption only · ends Aug 2053$468,078
Assumption + second · ends Aug 2053, second Jan 2057$517,391
New conventional · ends Jan 2057$598,058