Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,702/mo
Lowest payment- Down payment
- $46,240
- Funds due
- $57,457
- Interest + MI left
- $391,375
- First ends
- Jul 2053
Assumption
Assumption + second
$2,977/mo
+$275/mo- Down payment
- $19,240
- Funds due
- $31,786
- Interest + MI left
- $463,422
- First ends
- Jul 2053
New loan
New conventional
$2,889/mo
+$187/mo- Down payment
- $19,240
- Funds due
- $28,580
- Interest + MI left
- $529,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,760 | $333,760 | $360,760 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,168.93 | $2,168.93 | $2,443.91 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $159.76 | $159.76 | $72.15 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $2,701.69 | $2,976.82 | $2,889.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,240
Closing costs & prepaids$12,546
Usable credit−$0
Total buyer cash needed$31,786
Earnest money paid−$0
Remaining funds due$31,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$213.00
Prepaid interest, first (9 days)$522.59
Prepaid interest, second (9 days)$79.06
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 6.35%
Interest already paid$74,116Through Dec 2026
Assumption only · ends Jul 2053$391,375
Assumption + second · ends Jul 2053, second Jan 2057$463,422
New conventional · ends Jan 2057$529,439