Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,153/mo
Lowest payment- Down payment
- $63,459
- Funds due
- $75,235
- Interest + MI left
- $450,800
- First ends
- May 2053
Assumption
Assumption + second
$3,571/mo
+$418/mo- Down payment
- $22,459
- Funds due
- $35,512
- Interest + MI left
- $560,204
- First ends
- May 2053
New loan
New conventional
$3,479/mo
+$326/mo- Down payment
- $22,459
- Funds due
- $32,248
- Interest + MI left
- $641,487
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,541 | $380,541 | $421,541 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,495.17 | $2,495.17 | $2,918.66 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $182.26 | $182.26 | $84.31 |
| Taxes, insurance & HOA | $475.75 | $475.75 | $475.75 |
| Total housing payment | $3,153.17 | $3,570.96 | $3,478.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,459
Closing costs & prepaids$13,053
Usable credit−$0
Total buyer cash needed$35,512
Earnest money paid−$0
Remaining funds due$35,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,440.00
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)$653.25
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$134.08
Prepaid interest, second (2 days)$26.68
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 6 moOf the original 30-year loan at 6.430%
Interest already paid$87,684Through Nov 2026
Assumption only · ends May 2053$450,800
Assumption + second · ends May 2053, second Dec 2056$560,204
New conventional · ends Dec 2056$641,487