Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,419/mo
Lowest payment- Down payment
- $105,271
- Funds due
- $117,808
- Interest + MI left
- $538,070
- First ends
- Oct 2053
Assumption
Assumption + second
$3,861/mo
+$443/mo- Down payment
- $50,271
- Funds due
- $64,085
- Interest + MI left
- $642,386
- First ends
- Oct 2053
New loan
New conventional
$3,669/mo
+$250/mo- Down payment
- $50,271
- Funds due
- $60,532
- Interest + MI left
- $680,528
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,729 | $393,729 | $448,729 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,759.87 | $2,759.87 | $3,106.91 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $186.54 | $186.54 | $89.75 |
| Taxes, insurance & HOA | $472.42 | $472.42 | $472.42 |
| Total housing payment | $3,418.83 | $3,861.37 | $3,669.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,271
Closing costs & prepaids$13,814
Usable credit−$0
Total buyer cash needed$64,085
Earnest money paid−$0
Remaining funds due$64,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$632.25
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$155.12
Prepaid interest, second (2 days)$27.12
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 11 moOf the original 30-year loan at 7.190%
Interest already paid$88,851Through Nov 2026
Assumption only · ends Oct 2053$538,070
Assumption + second · ends Oct 2053, second Dec 2056$642,386
New conventional · ends Dec 2056$680,528