Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
Lowest payment- Down payment
- $98,559
- Funds due
- $109,701
- Interest + MI left
- $374,644
- First ends
- Apr 2053
Assumption
Assumption + second
$3,071/mo
+$451/mo- Down payment
- $42,559
- Funds due
- $54,965
- Interest + MI left
- $480,856
- First ends
- Apr 2053
New loan
New conventional
$3,078/mo
+$458/mo- Down payment
- $42,559
- Funds due
- $51,497
- Interest + MI left
- $579,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,341 | $326,341 | $382,341 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,109.43 | $2,109.43 | $2,647.25 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $156.69 | $156.69 | $76.47 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $2,620.12 | $3,070.71 | $3,077.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,559
Closing costs & prepaids$12,406
Usable credit−$0
Total buyer cash needed$54,965
Earnest money paid−$0
Remaining funds due$54,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$348.00
Initial HOA (3 months)$264.00
Prepaid interest, first (1 days)$56.06
Prepaid interest, second (1 days)$13.81
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$75,171Through Nov 2026
Assumption only · ends Apr 2053$374,644
Assumption + second · ends Apr 2053, second Dec 2056$480,856
New conventional · ends Dec 2056$579,846