Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,260/mo
Lowest payment- Down payment
- $93,020
- Funds due
- $105,857
- Interest + MI left
- $490,685
- First ends
- Oct 2053
Assumption
Assumption + second
$3,614/mo
+$354/mo- Down payment
- $49,020
- Funds due
- $63,204
- Interest + MI left
- $574,137
- First ends
- Oct 2053
New loan
New conventional
$3,496/mo
+$236/mo- Down payment
- $49,020
- Funds due
- $59,694
- Interest + MI left
- $637,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,980 | $391,980 | $435,980 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,618.15 | $2,618.15 | $2,953.48 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $186.54 | $186.54 | $87.20 |
| Taxes, insurance & HOA | $455.67 | $455.67 | $455.67 |
| Total housing payment | $3,260.35 | $3,614.39 | $3,496.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,020
Closing costs & prepaids$14,184
Usable credit−$0
Total buyer cash needed$63,204
Earnest money paid−$0
Remaining funds due$63,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$644.67
Prepaid interest, second (9 days)$97.64
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 6.67%
Interest already paid$84,476Through Dec 2026
Assumption only · ends Oct 2053$490,685
Assumption + second · ends Oct 2053, second Jan 2057$574,137
New conventional · ends Jan 2057$637,475