Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,591/mo
Lowest payment- Down payment
- $143,303
- Funds due
- $155,371
- Interest + MI left
- $364,525
- First ends
- Jul 2053
Assumption
Assumption + second
$3,379/mo
+$789/mo- Down payment
- $45,303
- Funds due
- $58,839
- Interest + MI left
- $550,396
- First ends
- Jul 2053
New loan
New conventional
$3,258/mo
+$667/mo- Down payment
- $45,303
- Funds due
- $55,348
- Interest + MI left
- $591,588
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,597 | $306,597 | $404,597 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,007.93 | $2,007.93 | $2,740.88 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $146.67 | $146.67 | $80.92 |
| Taxes, insurance & HOA | $436.00 | $436.00 | $436.00 |
| Total housing payment | $2,590.60 | $3,379.13 | $3,257.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,303
Closing costs & prepaids$13,536
Usable credit−$0
Total buyer cash needed$58,839
Earnest money paid−$0
Remaining funds due$58,839
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$486.10
Prepaid interest, second (9 days)$217.48
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 7 moOf the original 30-year loan at 6.43%
Interest already paid$68,919Through Dec 2026
Assumption only · ends Jul 2053$364,525
Assumption + second · ends Jul 2053, second Jan 2057$550,396
New conventional · ends Jan 2057$591,588