Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
Lowest payment- Down payment
- $67,664
- Funds due
- $78,836
- Interest + MI left
- $395,535
- First ends
- Mar 2053
Assumption
Assumption + second
$3,022/mo
+$217/mo- Down payment
- $40,664
- Funds due
- $53,092
- Interest + MI left
- $446,744
- First ends
- Mar 2053
New loan
New conventional
$3,006/mo
+$201/mo- Down payment
- $40,664
- Funds due
- $49,643
- Interest + MI left
- $544,884
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,335 | $332,335 | $359,335 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,199.06 | $2,199.06 | $2,487.96 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $159.46 | $159.46 | $71.87 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $2,804.35 | $3,021.60 | $3,005.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,664
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$53,092
Earnest money paid−$0
Remaining funds due$53,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$563.50
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$59.18
Prepaid interest, second (1 days)$6.66
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$81,179Through Nov 2026
Assumption only · ends Mar 2053$395,535
Assumption + second · ends Mar 2053, second Dec 2056$446,744
New conventional · ends Dec 2056$544,884