Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,676/mo
+$90/mo- Down payment
- $79,730
- Funds due
- $92,784
- Interest + MI left
- $555,652
- First ends
- Jan 2053
Assumption
Assumption + second
$3,909/mo
+$323/mo- Down payment
- $50,730
- Funds due
- $65,098
- Interest + MI left
- $610,655
- First ends
- Jan 2053
New loan
New conventional
$3,586/mo
Lowest payment- Down payment
- $50,730
- Funds due
- $61,551
- Interest + MI left
- $656,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,270 | $420,270 | $449,270 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,911.74 | $2,911.74 | $3,043.51 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $311.58 | $311.58 | $89.85 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $3,675.99 | $3,909.33 | $3,586.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,730
Closing costs & prepaids$14,368
Usable credit−$0
Total buyer cash needed$65,098
Earnest money paid−$0
Remaining funds due$65,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$720.22
Prepaid interest, second (9 days)$64.36
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 1 moOf the original 30-year loan at 6.95%
Interest already paid$117,247Through Dec 2026
Assumption only · ends Jan 2053$555,652
Assumption + second · ends Jan 2053, second Jan 2057$610,655
New conventional · ends Jan 2057$656,907