Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,107/mo
Lowest payment- Down payment
- $59,515
- Funds due
- $70,986
- Interest + MI left
- $462,766
- First ends
- Jul 2053
Assumption
Assumption + second
$3,484/mo
+$377/mo- Down payment
- $22,515
- Funds due
- $35,248
- Interest + MI left
- $561,497
- First ends
- Jul 2053
New loan
New conventional
$3,414/mo
+$307/mo- Down payment
- $22,515
- Funds due
- $31,979
- Interest + MI left
- $647,574
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,485 | $388,485 | $425,485 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,538.74 | $2,538.74 | $2,945.97 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $185.64 | $185.64 | $85.10 |
| Taxes, insurance & HOA | $382.50 | $382.50 | $382.50 |
| Total housing payment | $3,106.88 | $3,483.91 | $3,413.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,515
Closing costs & prepaids$12,733
Usable credit−$0
Total buyer cash needed$35,248
Earnest money paid−$0
Remaining funds due$35,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,480.00
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)$397.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$68.33
Prepaid interest, second (1 days)$12.04
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 6.420%
Interest already paid$85,012Through Nov 2026
Assumption only · ends Jul 2053$462,766
Assumption + second · ends Jul 2053, second Dec 2056$561,497
New conventional · ends Dec 2056$647,574