Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,307/mo
Lowest payment- Down payment
- $75,881
- Funds due
- $88,714
- Interest + MI left
- $469,358
- First ends
- Apr 2053
Assumption
Assumption + second
$3,516/mo
+$209/mo- Down payment
- $49,881
- Funds due
- $64,022
- Interest + MI left
- $518,670
- First ends
- Apr 2053
New loan
New conventional
$3,528/mo
+$222/mo- Down payment
- $49,881
- Funds due
- $60,567
- Interest + MI left
- $650,838
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,119 | $419,119 | $445,119 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,681.02 | $2,681.02 | $3,015.39 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $201.70 | $201.70 | $89.02 |
| Taxes, insurance & HOA | $424.00 | $424.00 | $424.00 |
| Total housing payment | $3,306.71 | $3,515.91 | $3,528.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,881
Closing costs & prepaids$14,140
Usable credit−$0
Total buyer cash needed$64,022
Earnest money paid−$0
Remaining funds due$64,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$177.99
Prepaid interest, first (9 days)$635.57
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 4 moOf the original 30-year loan at 6.15%
Interest already paid$97,015Through Dec 2026
Assumption only · ends Apr 2053$469,358
Assumption + second · ends Apr 2053, second Jan 2057$518,670
New conventional · ends Jan 2057$650,838