Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,351/mo
Lowest payment- Down payment
- $71,570
- Funds due
- $83,810
- Interest + MI left
- $490,003
- First ends
- Mar 2053
Assumption
Assumption + second
$3,820/mo
+$469/mo- Down payment
- $25,570
- Funds due
- $39,090
- Interest + MI left
- $612,749
- First ends
- Mar 2053
New loan
New conventional
$3,752/mo
+$401/mo- Down payment
- $25,570
- Funds due
- $35,800
- Interest + MI left
- $721,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,380 | $428,380 | $474,380 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,772.44 | $2,772.44 | $3,284.51 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $205.94 | $205.94 | $94.88 |
| Taxes, insurance & HOA | $372.91 | $372.91 | $372.91 |
| Total housing payment | $3,351.29 | $3,820.03 | $3,752.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,570
Closing costs & prepaids$13,520
Usable credit−$0
Total buyer cash needed$39,090
Earnest money paid−$0
Remaining funds due$39,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.50
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)$431.75
Initial HOA (3 months)$186.99
Prepaid interest, first (2 days)$147.17
Prepaid interest, second (2 days)$29.93
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 4 moOf the original 30-year loan at 6.270%
Interest already paid$101,039Through Nov 2026
Assumption only · ends Mar 2053$490,003
Assumption + second · ends Mar 2053, second Dec 2056$612,749
New conventional · ends Dec 2056$721,896