Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $50,949
- Funds due
- $61,353
- Interest + MI left
- $409,207
- First ends
- Nov 2053
Assumption
Assumption + second
$2,925/mo
+$336/mo- Down payment
- $17,949
- Funds due
- $29,614
- Interest + MI left
- $497,264
- First ends
- Nov 2053
New loan
New conventional
$2,741/mo
+$152/mo- Down payment
- $17,949
- Funds due
- $26,383
- Interest + MI left
- $512,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,051 | $304,051 | $337,051 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,105.20 | $2,105.20 | $2,333.67 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $144.01 | $144.01 | $67.41 |
| Taxes, insurance & HOA | $339.92 | $339.92 | $339.92 |
| Total housing payment | $2,589.13 | $2,925.40 | $2,741.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,949
Closing costs & prepaids$11,664
Usable credit−$0
Total buyer cash needed$29,614
Earnest money paid−$0
Remaining funds due$29,614
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$365.75
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$58.89
Prepaid interest, second (1 days)$10.74
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 closing27 yrOf the original 30-year loan at 7.070%
Interest already paid$65,634Through Nov 2026
Assumption only · ends Nov 2053$409,207
Assumption + second · ends Nov 2053, second Dec 2056$497,264
New conventional · ends Dec 2056$512,913