Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,251/mo
Lowest payment- Down payment
- $75,351
- Funds due
- $87,524
- Interest + MI left
- $471,657
- First ends
- Apr 2053
Assumption
Assumption + second
$3,453/mo
+$201/mo- Down payment
- $50,351
- Funds due
- $63,786
- Interest + MI left
- $519,073
- First ends
- Apr 2053
New loan
New conventional
$3,536/mo
+$285/mo- Down payment
- $50,351
- Funds due
- $60,259
- Interest + MI left
- $674,251
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,649 | $419,649 | $444,649 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,681.02 | $2,681.02 | $3,078.66 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $201.70 | $201.70 | $88.93 |
| Taxes, insurance & HOA | $368.75 | $368.75 | $368.75 |
| Total housing payment | $3,251.46 | $3,452.62 | $3,536.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,351
Closing costs & prepaids$13,435
Usable credit−$0
Total buyer cash needed$63,786
Earnest money paid−$0
Remaining funds due$63,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$428.25
Initial HOA (3 months)$177.99
Prepaid interest, first (2 days)$141.42
Prepaid interest, second (2 days)$12.33
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 5 moOf the original 30-year loan at 6.150%
Interest already paid$94,865Through Nov 2026
Assumption only · ends Apr 2053$471,657
Assumption + second · ends Apr 2053, second Dec 2056$519,073
New conventional · ends Dec 2056$674,251