Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $45,865
- Funds due
- $56,428
- Interest + MI left
- $392,553
- First ends
- Jul 2053
Assumption
Assumption + second
$2,901/mo
+$265/mo- Down payment
- $19,865
- Funds due
- $31,687
- Interest + MI left
- $461,931
- First ends
- Jul 2053
New loan
New conventional
$2,876/mo
+$239/mo- Down payment
- $19,865
- Funds due
- $28,444
- Interest + MI left
- $548,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,135 | $334,135 | $360,135 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,166.65 | $2,166.65 | $2,493.50 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $159.76 | $159.76 | $72.03 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,636.41 | $2,901.35 | $2,875.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,865
Closing costs & prepaids$11,821
Usable credit−$0
Total buyer cash needed$31,687
Earnest money paid−$0
Remaining funds due$31,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$267.00
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$58.04
Prepaid interest, second (1 days)$8.46
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 8 moOf the original 30-year loan at 6.340%
Interest already paid$72,231Through Nov 2026
Assumption only · ends Jul 2053$392,553
Assumption + second · ends Jul 2053, second Dec 2056$461,931
New conventional · ends Dec 2056$548,042