Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,083/mo
Lowest payment- Down payment
- $65,045
- Funds due
- $77,089
- Interest + MI left
- $454,546
- First ends
- Jul 2053
Assumption
Assumption + second
$3,511/mo
+$428/mo- Down payment
- $23,045
- Funds due
- $36,462
- Interest + MI left
- $566,618
- First ends
- Jul 2053
New loan
New conventional
$3,365/mo
+$282/mo- Down payment
- $23,045
- Funds due
- $33,208
- Interest + MI left
- $626,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,955 | $384,955 | $426,955 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,511.35 | $2,511.35 | $2,892.34 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $184.21 | $184.21 | $85.39 |
| Taxes, insurance & HOA | $387.67 | $387.67 | $387.67 |
| Total housing payment | $3,083.23 | $3,511.21 | $3,365.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,045
Closing costs & prepaids$13,418
Usable credit−$0
Total buyer cash needed$36,462
Earnest money paid−$0
Remaining funds due$36,462
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)$173.01
Prepaid interest, first (9 days)$606.54
Prepaid interest, second (9 days)$122.98
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 7 moOf the original 30-year loan at 6.39%
Interest already paid$86,009Through Dec 2026
Assumption only · ends Jul 2053$454,546
Assumption + second · ends Jul 2053, second Jan 2057$566,618
New conventional · ends Jan 2057$626,499