Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,902/mo
Lowest payment- Down payment
- $75,934
- Funds due
- $88,830
- Interest + MI left
- $618,576
- First ends
- Oct 2053
Assumption
Assumption + second
$4,391/mo
+$489/mo- Down payment
- $27,934
- Funds due
- $42,096
- Interest + MI left
- $746,659
- First ends
- Oct 2053
New loan
New conventional
$4,163/mo
+$261/mo- Down payment
- $27,934
- Funds due
- $38,767
- Interest + MI left
- $794,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,065 | $474,065 | $522,065 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,233.29 | $3,233.29 | $3,614.67 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $225.01 | $225.01 | $104.41 |
| Taxes, insurance & HOA | $443.92 | $443.92 | $443.92 |
| Total housing payment | $3,902.21 | $4,391.33 | $4,163.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,934
Closing costs & prepaids$14,162
Usable credit−$0
Total buyer cash needed$42,096
Earnest money paid−$0
Remaining funds due$42,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.99
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)$501.75
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$89.62
Prepaid interest, second (1 days)$15.62
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 11 moOf the original 30-year loan at 6.900%
Interest already paid$102,763Through Nov 2026
Assumption only · ends Oct 2053$618,576
Assumption + second · ends Oct 2053, second Dec 2056$746,659
New conventional · ends Dec 2056$794,461