Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,758/mo
Lowest payment- Down payment
- $101,128
- Funds due
- $112,321
- Interest + MI left
- $403,921
- First ends
- Mar 2053
Assumption
Assumption + second
$3,217/mo
+$459/mo- Down payment
- $44,128
- Funds due
- $56,585
- Interest + MI left
- $512,029
- First ends
- Mar 2053
New loan
New conventional
$3,121/mo
+$363/mo- Down payment
- $44,128
- Funds due
- $53,101
- Interest + MI left
- $592,706
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,872 | $333,872 | $390,872 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,173.38 | $2,173.38 | $2,706.32 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $247.93 | $247.93 | $78.17 |
| Taxes, insurance & HOA | $336.75 | $336.75 | $336.75 |
| Total housing payment | $2,758.06 | $3,216.69 | $3,121.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,128
Closing costs & prepaids$12,457
Usable credit−$0
Total buyer cash needed$56,585
Earnest money paid−$0
Remaining funds due$56,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$338.25
Initial HOA (3 months)$222.00
Prepaid interest, first (1 days)$57.90
Prepaid interest, second (1 days)$14.05
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 6.330%
Interest already paid$79,480Through Nov 2026
Assumption only · ends Mar 2053$403,921
Assumption + second · ends Mar 2053, second Dec 2056$512,029
New conventional · ends Dec 2056$592,706