Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,605/mo
Lowest payment- Down payment
- $66,663
- Funds due
- $77,835
- Interest + MI left
- $390,692
- First ends
- Sep 2053
Assumption
Assumption + second
$2,830/mo
+$225/mo- Down payment
- $38,663
- Funds due
- $51,147
- Interest + MI left
- $443,798
- First ends
- Sep 2053
New loan
New conventional
$2,741/mo
+$136/mo- Down payment
- $38,663
- Funds due
- $47,737
- Interest + MI left
- $498,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,237 | $313,237 | $341,237 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,094.55 | $2,094.55 | $2,311.66 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $149.23 | $149.23 | $68.25 |
| Taxes, insurance & HOA | $360.92 | $360.92 | $360.92 |
| Total housing payment | $2,604.70 | $2,830.00 | $2,740.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,663
Closing costs & prepaids$12,484
Usable credit−$0
Total buyer cash needed$51,147
Earnest money paid−$0
Remaining funds due$51,147
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$176.76
Prepaid interest, first (9 days)$515.17
Prepaid interest, second (9 days)$62.14
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 9 moOf the original 30-year loan at 6.67%
Interest already paid$69,325Through Dec 2026
Assumption only · ends Sep 2053$390,692
Assumption + second · ends Sep 2053, second Jan 2057$443,798
New conventional · ends Jan 2057$498,877