Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,941/mo
Lowest payment- Down payment
- $93,504
- Funds due
- $107,361
- Interest + MI left
- $574,626
- First ends
- Mar 2053
Assumption
Assumption + second
$4,231/mo
+$290/mo- Down payment
- $57,504
- Funds due
- $72,691
- Interest + MI left
- $642,905
- First ends
- Mar 2053
New loan
New conventional
$4,072/mo
+$131/mo- Down payment
- $57,504
- Funds due
- $69,158
- Interest + MI left
- $756,665
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,496 | $481,496 | $517,496 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,120.09 | $3,120.09 | $3,505.70 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $358.18 | $358.18 | $103.50 |
| Taxes, insurance & HOA | $462.67 | $462.67 | $462.67 |
| Total housing payment | $3,940.94 | $4,230.61 | $4,071.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,504
Closing costs & prepaids$15,187
Usable credit−$0
Total buyer cash needed$72,691
Earnest money paid−$0
Remaining funds due$72,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$744.41
Prepaid interest, second (9 days)$79.89
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 3 moOf the original 30-year loan at 6.27%
Interest already paid$116,228Through Dec 2026
Assumption only · ends Mar 2053$574,626
Assumption + second · ends Mar 2053, second Jan 2057$642,905
New conventional · ends Jan 2057$756,665