Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,147/mo
Lowest payment- Down payment
- $55,734
- Funds due
- $67,324
- Interest + MI left
- $458,839
- First ends
- Jul 2053
Assumption
Assumption + second
$3,494/mo
+$346/mo- Down payment
- $21,734
- Funds due
- $34,585
- Interest + MI left
- $549,565
- First ends
- Jul 2053
New loan
New conventional
$3,363/mo
+$215/mo- Down payment
- $21,734
- Funds due
- $31,321
- Interest + MI left
- $609,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,766 | $366,766 | $400,766 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,464.67 | $2,464.67 | $2,774.82 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $174.88 | $174.88 | $80.15 |
| Taxes, insurance & HOA | $507.67 | $507.67 | $507.67 |
| Total housing payment | $3,147.22 | $3,493.68 | $3,362.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,734
Closing costs & prepaids$12,851
Usable credit−$0
Total buyer cash needed$34,585
Earnest money paid−$0
Remaining funds due$34,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,225.00
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)$695.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$67.42
Prepaid interest, second (1 days)$11.06
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 6.710%
Interest already paid$83,791Through Nov 2026
Assumption only · ends Jul 2053$458,839
Assumption + second · ends Jul 2053, second Dec 2056$549,565
New conventional · ends Dec 2056$609,873