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
- $63,453
- Funds due
- $75,619
- Interest + MI left
- $496,351
- First ends
- May 2053
Assumption
Assumption + second
$3,767/mo
+$387/mo- Down payment
- $25,453
- Funds due
- $38,882
- Interest + MI left
- $597,750
- First ends
- May 2053
New loan
New conventional
$3,734/mo
+$355/mo- Down payment
- $25,453
- Funds due
- $35,586
- Interest + MI left
- $714,541
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,547 | $431,547 | $469,547 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,783.33 | $2,783.33 | $3,251.05 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $206.97 | $206.97 | $93.91 |
| Taxes, insurance & HOA | $389.00 | $389.00 | $389.00 |
| Total housing payment | $3,379.29 | $3,766.52 | $3,733.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,453
Closing costs & prepaids$13,428
Usable credit−$0
Total buyer cash needed$38,882
Earnest money paid−$0
Remaining funds due$38,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$421.00
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$74.01
Prepaid interest, second (1 days)$12.36
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$96,877Through Nov 2026
Assumption only · ends May 2053$496,351
Assumption + second · ends May 2053, second Dec 2056$597,750
New conventional · ends Dec 2056$714,541