Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,238/mo
Lowest payment- Down payment
- $81,645
- Funds due
- $93,860
- Interest + MI left
- $478,778
- First ends
- Oct 2053
Assumption
Assumption + second
$3,528/mo
+$290/mo- Down payment
- $45,645
- Funds due
- $59,119
- Interest + MI left
- $547,057
- First ends
- Oct 2053
New loan
New conventional
$3,453/mo
+$214/mo- Down payment
- $45,645
- Funds due
- $55,617
- Interest + MI left
- $619,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,355 | $372,355 | $408,355 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,517.89 | $2,517.89 | $2,827.37 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $176.84 | $176.84 | $81.67 |
| Taxes, insurance & HOA | $543.58 | $543.58 | $543.58 |
| Total housing payment | $3,238.32 | $3,527.98 | $3,452.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,645
Closing costs & prepaids$13,474
Usable credit−$0
Total buyer cash needed$59,119
Earnest money paid−$0
Remaining funds due$59,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$680.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$69.47
Prepaid interest, second (1 days)$8.88
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$79,688Through Nov 2026
Assumption only · ends Oct 2053$478,778
Assumption + second · ends Oct 2053, second Dec 2056$547,057
New conventional · ends Dec 2056$619,298