Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,577/mo
Lowest payment- Down payment
- $109,692
- Funds due
- $122,372
- Interest + MI left
- $535,358
- First ends
- Mar 2053
Assumption
Assumption + second
$4,012/mo
+$434/mo- Down payment
- $55,692
- Funds due
- $69,635
- Interest + MI left
- $637,777
- First ends
- Mar 2053
New loan
New conventional
$3,897/mo
+$320/mo- Down payment
- $55,692
- Funds due
- $66,038
- Interest + MI left
- $749,552
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,308 | $440,308 | $494,308 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,874.55 | $2,874.55 | $3,422.49 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $326.89 | $326.89 | $98.86 |
| Taxes, insurance & HOA | $375.83 | $375.83 | $375.83 |
| Total housing payment | $3,577.27 | $4,011.77 | $3,897.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,692
Closing costs & prepaids$13,943
Usable credit−$0
Total buyer cash needed$69,635
Earnest money paid−$0
Remaining funds due$69,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$477.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$76.72
Prepaid interest, second (1 days)$13.32
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$105,301Through Nov 2026
Assumption only · ends Mar 2053$535,358
Assumption + second · ends Mar 2053, second Dec 2056$637,777
New conventional · ends Dec 2056$749,552