Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,413/mo
Lowest payment- Down payment
- $164,737
- Funds due
- $176,542
- Interest + MI left
- $338,598
- First ends
- Jun 2053
Assumption
Assumption + second
$3,286/mo
+$873/mo- Down payment
- $45,737
- Funds due
- $58,844
- Interest + MI left
- $533,943
- First ends
- Jun 2053
New loan
New conventional
$3,309/mo
+$896/mo- Down payment
- $45,737
- Funds due
- $55,350
- Interest + MI left
- $620,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,263 | $290,263 | $409,263 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,880.77 | $1,880.77 | $2,833.65 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | $138.97 | $138.97 | $81.85 |
| Taxes, insurance & HOA | $393.25 | $393.25 | $393.25 |
| Total housing payment | $2,413.00 | $3,286.18 | $3,308.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,737
Closing costs & prepaids$13,107
Usable credit−$0
Total buyer cash needed$58,844
Earnest money paid−$0
Remaining funds due$58,844
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$556.75
Initial HOA (3 months)$123.00
Prepaid interest, first (2 days)$100.52
Prepaid interest, second (2 days)$52.16
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 7 moOf the original 30-year loan at 6.320%
Interest already paid$64,160Through Nov 2026
Assumption only · ends Jun 2053$338,598
Assumption + second · ends Jun 2053, second Dec 2056$533,943
New conventional · ends Dec 2056$620,675