Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
Lowest payment- Down payment
- $50,942
- Funds due
- $62,569
- Interest + MI left
- $446,530
- First ends
- Apr 2053
Assumption
Assumption + second
$3,449/mo
+$285/mo- Down payment
- $22,942
- Funds due
- $35,829
- Interest + MI left
- $521,245
- First ends
- Apr 2053
New loan
New conventional
$3,433/mo
+$269/mo- Down payment
- $22,942
- Funds due
- $32,558
- Interest + MI left
- $634,513
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,958 | $388,958 | $416,958 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,514.18 | $2,514.18 | $2,886.93 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $186.76 | $186.76 | $83.39 |
| Taxes, insurance & HOA | $462.25 | $462.25 | $462.25 |
| Total housing payment | $3,163.19 | $3,448.51 | $3,432.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,942
Closing costs & prepaids$12,887
Usable credit−$0
Total buyer cash needed$35,829
Earnest money paid−$0
Remaining funds due$35,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$681.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$66.82
Prepaid interest, second (1 days)$9.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.270%
Interest already paid$89,595Through Nov 2026
Assumption only · ends Apr 2053$446,530
Assumption + second · ends Apr 2053, second Dec 2056$521,245
New conventional · ends Dec 2056$634,513