Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,836/mo
Lowest payment- Down payment
- $57,199
- Funds due
- $68,687
- Interest + MI left
- $424,016
- First ends
- Aug 2053
Assumption
Assumption + second
$3,202/mo
+$367/mo- Down payment
- $21,199
- Funds due
- $34,042
- Interest + MI left
- $520,079
- First ends
- Aug 2053
New loan
New conventional
$3,080/mo
+$244/mo- Down payment
- $21,199
- Funds due
- $30,808
- Interest + MI left
- $577,850
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,801 | $357,801 | $393,801 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,331.43 | $2,331.43 | $2,667.75 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $171.01 | $171.01 | $78.76 |
| Taxes, insurance & HOA | $333.08 | $333.08 | $333.08 |
| Total housing payment | $2,835.52 | $3,202.36 | $3,079.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,199
Closing costs & prepaids$12,843
Usable credit−$0
Total buyer cash needed$34,042
Earnest money paid−$0
Remaining funds due$34,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$51.24
Prepaid interest, first (9 days)$563.76
Prepaid interest, second (9 days)$105.41
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 8 moOf the original 30-year loan at 6.39%
Interest already paid$77,941Through Dec 2026
Assumption only · ends Aug 2053$424,016
Assumption + second · ends Aug 2053, second Jan 2057$520,079
New conventional · ends Jan 2057$577,850