Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $48,221
- Funds due
- $59,561
- Interest + MI left
- $449,768
- First ends
- Apr 2053
Assumption
Assumption + second
$3,351/mo
+$265/mo- Down payment
- $22,221
- Funds due
- $34,819
- Interest + MI left
- $519,147
- First ends
- Apr 2053
New loan
New conventional
$3,342/mo
+$256/mo- Down payment
- $22,221
- Funds due
- $31,556
- Interest + MI left
- $635,846
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,779 | $391,779 | $417,779 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,532.42 | $2,532.42 | $2,892.62 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $188.11 | $188.11 | $83.56 |
| Taxes, insurance & HOA | $365.84 | $365.84 | $365.84 |
| Total housing payment | $3,086.37 | $3,351.31 | $3,342.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,221
Closing costs & prepaids$12,598
Usable credit−$0
Total buyer cash needed$34,819
Earnest money paid−$0
Remaining funds due$34,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$372.50
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$67.30
Prepaid interest, second (1 days)$8.46
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$90,245Through Nov 2026
Assumption only · ends Apr 2053$449,768
Assumption + second · ends Apr 2053, second Dec 2056$519,147
New conventional · ends Dec 2056$635,846