Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,997/mo
Lowest payment- Down payment
- $46,238
- Funds due
- $57,417
- Interest + MI left
- $441,328
- First ends
- Jun 2053
Assumption
Assumption + second
$3,251/mo
+$255/mo- Down payment
- $21,238
- Funds due
- $33,675
- Interest + MI left
- $508,038
- First ends
- Jun 2053
New loan
New conventional
$3,220/mo
+$224/mo- Down payment
- $21,238
- Funds due
- $30,420
- Interest + MI left
- $606,821
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,761 | $373,761 | $398,761 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,438.33 | $2,438.33 | $2,760.94 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $178.85 | $178.85 | $79.75 |
| Taxes, insurance & HOA | $379.50 | $379.50 | $379.50 |
| Total housing payment | $2,996.68 | $3,251.43 | $3,220.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,238
Closing costs & prepaids$12,437
Usable credit−$0
Total buyer cash needed$33,675
Earnest money paid−$0
Remaining funds due$33,675
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.99
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)$394.50
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$65.43
Prepaid interest, second (1 days)$8.13
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 7 moOf the original 30-year loan at 6.390%
Interest already paid$83,508Through Nov 2026
Assumption only · ends Jun 2053$441,328
Assumption + second · ends Jun 2053, second Dec 2056$508,038
New conventional · ends Dec 2056$606,821