Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,025/mo
Lowest payment- Down payment
- $64,586
- Funds due
- $75,916
- Interest + MI left
- $456,739
- First ends
- Jul 2053
Assumption
Assumption + second
$3,453/mo
+$428/mo- Down payment
- $22,586
- Funds due
- $35,180
- Interest + MI left
- $568,812
- First ends
- Jul 2053
New loan
New conventional
$3,374/mo
+$349/mo- Down payment
- $22,586
- Funds due
- $31,910
- Interest + MI left
- $650,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,414 | $385,414 | $427,414 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,511.35 | $2,511.35 | $2,959.33 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $184.21 | $184.21 | $85.48 |
| Taxes, insurance & HOA | $329.34 | $329.34 | $329.34 |
| Total housing payment | $3,024.90 | $3,452.88 | $3,374.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,586
Closing costs & prepaids$12,594
Usable credit−$0
Total buyer cash needed$35,180
Earnest money paid−$0
Remaining funds due$35,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$365.00
Initial HOA (3 months)$173.01
Prepaid interest, first (1 days)$67.47
Prepaid interest, second (1 days)$13.66
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$83,956Through Nov 2026
Assumption only · ends Jul 2053$456,739
Assumption + second · ends Jul 2053, second Dec 2056$568,812
New conventional · ends Dec 2056$650,510