Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,580/mo
Lowest payment- Down payment
- $81,289
- Funds due
- $92,091
- Interest + MI left
- $382,099
- First ends
- May 2053
Assumption
Assumption + second
$2,910/mo
+$330/mo- Down payment
- $40,289
- Funds due
- $52,351
- Interest + MI left
- $459,861
- First ends
- May 2053
New loan
New conventional
$2,886/mo
+$306/mo- Down payment
- $40,289
- Funds due
- $48,904
- Interest + MI left
- $545,526
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,711 | $318,711 | $359,711 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,103.90 | $2,103.90 | $2,490.57 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $152.56 | $152.56 | $71.94 |
| Taxes, insurance & HOA | $323.33 | $323.33 | $323.33 |
| Total housing payment | $2,579.79 | $2,909.68 | $2,885.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,289
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$52,351
Earnest money paid−$0
Remaining funds due$52,351
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$358.00
Initial HOA (3 months)$162.00
Prepaid interest, first (1 days)$56.76
Prepaid interest, second (1 days)$10.11
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$74,215Through Nov 2026
Assumption only · ends May 2053$382,099
Assumption + second · ends May 2053, second Dec 2056$459,861
New conventional · ends Dec 2056$545,526