Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,354/mo
Lowest payment- Down payment
- $88,963
- Funds due
- $101,518
- Interest + MI left
- $481,022
- First ends
- May 2053
Assumption
Assumption + second
$3,643/mo
+$290/mo- Down payment
- $52,963
- Funds due
- $66,786
- Interest + MI left
- $549,301
- First ends
- May 2053
New loan
New conventional
$3,739/mo
+$386/mo- Down payment
- $52,963
- Funds due
- $63,235
- Interest + MI left
- $708,200
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,037 | $431,037 | $467,037 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,734.17 | $2,734.17 | $3,233.67 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $207.01 | $207.01 | $93.41 |
| Taxes, insurance & HOA | $412.33 | $412.33 | $412.33 |
| Total housing payment | $3,353.52 | $3,643.18 | $3,739.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,963
Closing costs & prepaids$13,824
Usable credit−$0
Total buyer cash needed$66,786
Earnest money paid−$0
Remaining funds due$66,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$575.00
Initial HOA (3 months)$162.00
Prepaid interest, first (2 days)$143.84
Prepaid interest, second (2 days)$17.75
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 6.090%
Interest already paid$94,204Through Nov 2026
Assumption only · ends May 2053$481,022
Assumption + second · ends May 2053, second Dec 2056$549,301
New conventional · ends Dec 2056$708,200