Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,645/mo
Lowest payment- Down payment
- $64,207
- Funds due
- $76,506
- Interest + MI left
- $586,063
- First ends
- Oct 2053
Assumption
Assumption + second
$4,032/mo
+$387/mo- Down payment
- $26,207
- Funds due
- $39,768
- Interest + MI left
- $687,462
- First ends
- Oct 2053
New loan
New conventional
$3,864/mo
+$219/mo- Down payment
- $26,207
- Funds due
- $36,459
- Interest + MI left
- $751,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,793 | $455,793 | $493,793 |
| Second mortgage | — | $38,000 | — |
| First P&I | $3,082.10 | $3,082.10 | $3,418.92 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $216.46 | $216.46 | $98.76 |
| Taxes, insurance & HOA | $346.33 | $346.33 | $346.33 |
| Total housing payment | $3,644.90 | $4,032.12 | $3,864.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,207
Closing costs & prepaids$13,561
Usable credit−$0
Total buyer cash needed$39,768
Earnest money paid−$0
Remaining funds due$39,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$472.00
Initial HOA (3 months)$66.99
Prepaid interest, first (1 days)$85.04
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 11 moOf the original 30-year loan at 6.810%
Interest already paid$97,544Through Nov 2026
Assumption only · ends Oct 2053$586,063
Assumption + second · ends Oct 2053, second Dec 2056$687,462
New conventional · ends Dec 2056$751,537