Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $76,311
- Funds due
- $87,010
- Interest + MI left
- $392,553
- First ends
- Sep 2053
Assumption
Assumption + second
$2,864/mo
+$298/mo- Down payment
- $39,311
- Funds due
- $51,269
- Interest + MI left
- $462,729
- First ends
- Sep 2053
New loan
New conventional
$2,820/mo
+$254/mo- Down payment
- $39,311
- Funds due
- $47,830
- Interest + MI left
- $531,692
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,589 | $313,589 | $350,589 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,094.55 | $2,094.55 | $2,427.41 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $149.23 | $149.23 | $70.12 |
| Taxes, insurance & HOA | $322.50 | $322.50 | $322.50 |
| Total housing payment | $2,566.29 | $2,864.00 | $2,820.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,311
Closing costs & prepaids$11,958
Usable credit−$0
Total buyer cash needed$51,269
Earnest money paid−$0
Remaining funds due$51,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$340.75
Initial HOA (3 months)$176.76
Prepaid interest, first (1 days)$57.31
Prepaid interest, second (1 days)$9.12
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 10 moOf the original 30-year loan at 6.670%
Interest already paid$67,581Through Nov 2026
Assumption only · ends Sep 2053$392,553
Assumption + second · ends Sep 2053, second Dec 2056$462,729
New conventional · ends Dec 2056$531,692