Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,379/mo
Lowest payment- Down payment
- $88,718
- Funds due
- $101,657
- Interest + MI left
- $514,568
- First ends
- Sep 2053
Assumption
Assumption + second
$3,685/mo
+$306/mo- Down payment
- $50,718
- Funds due
- $64,991
- Interest + MI left
- $586,640
- First ends
- Sep 2053
New loan
New conventional
$3,561/mo
+$182/mo- Down payment
- $50,718
- Funds due
- $61,466
- Interest + MI left
- $656,778
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,182 | $411,182 | $449,182 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,754.76 | $2,754.76 | $3,042.92 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $195.87 | $195.87 | $89.84 |
| Taxes, insurance & HOA | $428.67 | $428.67 | $428.67 |
| Total housing payment | $3,379.30 | $3,685.05 | $3,561.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,718
Closing costs & prepaids$14,273
Usable credit−$0
Total buyer cash needed$64,991
Earnest money paid−$0
Remaining funds due$64,991
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$186.00
Prepaid interest, first (9 days)$678.28
Prepaid interest, second (9 days)$84.33
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 9 moOf the original 30-year loan at 6.69%
Interest already paid$91,267Through Dec 2026
Assumption only · ends Sep 2053$514,568
Assumption + second · ends Sep 2053, second Jan 2057$586,640
New conventional · ends Jan 2057$656,778