Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,944/mo
Lowest payment- Down payment
- $65,956
- Funds due
- $77,387
- Interest + MI left
- $427,696
- First ends
- Jul 2053
Assumption
Assumption + second
$3,393/mo
+$448/mo- Down payment
- $21,956
- Funds due
- $34,665
- Interest + MI left
- $545,106
- First ends
- Jul 2053
New loan
New conventional
$3,298/mo
+$353/mo- Down payment
- $21,956
- Funds due
- $31,404
- Interest + MI left
- $613,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,044 | $359,044 | $403,044 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,346.35 | $2,346.35 | $2,790.60 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $171.57 | $171.57 | $80.61 |
| Taxes, insurance & HOA | $426.42 | $426.42 | $426.42 |
| Total housing payment | $2,944.33 | $3,392.69 | $3,297.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,956
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$34,665
Earnest money paid−$0
Remaining funds due$34,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$529.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$126.30
Prepaid interest, second (2 days)$28.63
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 8 moOf the original 30-year loan at 6.420%
Interest already paid$78,570Through Nov 2026
Assumption only · ends Jul 2053$427,696
Assumption + second · ends Jul 2053, second Dec 2056$545,106
New conventional · ends Dec 2056$613,339