Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,783/mo
Lowest payment- Down payment
- $50,456
- Funds due
- $61,486
- Interest + MI left
- $385,225
- First ends
- Mar 2053
Assumption
Assumption + second
$3,099/mo
+$316/mo- Down payment
- $19,456
- Funds due
- $31,746
- Interest + MI left
- $467,945
- First ends
- Mar 2053
New loan
New conventional
$3,042/mo
+$259/mo- Down payment
- $19,456
- Funds due
- $28,508
- Interest + MI left
- $551,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,541 | $331,541 | $362,541 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,164.47 | $2,164.47 | $2,510.16 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $159.27 | $159.27 | $72.51 |
| Taxes, insurance & HOA | $459.25 | $459.25 | $459.25 |
| Total housing payment | $2,782.99 | $3,098.88 | $3,041.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,456
Closing costs & prepaids$12,291
Usable credit−$0
Total buyer cash needed$31,746
Earnest money paid−$0
Remaining funds due$31,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,819.97
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)$507.75
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$57.77
Prepaid interest, second (1 days)$10.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$79,289Through Nov 2026
Assumption only · ends Mar 2053$385,225
Assumption + second · ends Mar 2053, second Dec 2056$467,945
New conventional · ends Dec 2056$551,703