Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,660/mo
Lowest payment- Down payment
- $100,036
- Funds due
- $111,456
- Interest + MI left
- $365,229
- First ends
- Apr 2053
Assumption
Assumption + second
$3,135/mo
+$475/mo- Down payment
- $41,036
- Funds due
- $53,735
- Interest + MI left
- $477,131
- First ends
- Apr 2053
New loan
New conventional
$3,107/mo
+$447/mo- Down payment
- $41,036
- Funds due
- $50,286
- Interest + MI left
- $559,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,964 | $309,964 | $368,964 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,032.88 | $2,032.88 | $2,554.63 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $148.65 | $148.65 | $73.79 |
| Taxes, insurance & HOA | $478.50 | $478.50 | $478.50 |
| Total housing payment | $2,660.02 | $3,134.75 | $3,106.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,036
Closing costs & prepaids$12,699
Usable credit−$0
Total buyer cash needed$53,735
Earnest money paid−$0
Remaining funds due$53,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$670.50
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$109.04
Prepaid interest, second (2 days)$29.10
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 5 moOf the original 30-year loan at 6.420%
Interest already paid$73,060Through Nov 2026
Assumption only · ends Apr 2053$365,229
Assumption + second · ends Apr 2053, second Dec 2056$477,131
New conventional · ends Dec 2056$559,559