Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,684/mo
Lowest payment- Down payment
- $138,293
- Funds due
- $151,789
- Interest + MI left
- $521,253
- First ends
- Mar 2053
Assumption
Assumption + second
$4,336/mo
+$652/mo- Down payment
- $57,293
- Funds due
- $72,079
- Interest + MI left
- $674,881
- First ends
- Mar 2053
New loan
New conventional
$4,198/mo
+$514/mo- Down payment
- $57,293
- Funds due
- $68,473
- Interest + MI left
- $772,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,707 | $428,707 | $509,707 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,798.82 | $2,798.82 | $3,529.11 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $318.27 | $318.27 | $101.94 |
| Taxes, insurance & HOA | $567.25 | $567.25 | $567.25 |
| Total housing payment | $3,684.34 | $4,336.08 | $4,198.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,293
Closing costs & prepaids$14,786
Usable credit−$0
Total buyer cash needed$72,079
Earnest money paid−$0
Remaining funds due$72,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,670.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$823.75
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$149.40
Prepaid interest, second (2 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.360%
Interest already paid$102,527Through Nov 2026
Assumption only · ends Mar 2053$521,253
Assumption + second · ends Mar 2053, second Dec 2056$674,881
New conventional · ends Dec 2056$772,903