Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,277/mo
Lowest payment- Down payment
- $92,583
- Funds due
- $104,969
- Interest + MI left
- $493,015
- First ends
- Oct 2053
Assumption
Assumption + second
$3,631/mo
+$354/mo- Down payment
- $48,583
- Funds due
- $62,240
- Interest + MI left
- $576,467
- First ends
- Oct 2053
New loan
New conventional
$3,581/mo
+$304/mo- Down payment
- $48,583
- Funds due
- $58,716
- Interest + MI left
- $661,856
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,417 | $392,417 | $436,417 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,618.15 | $2,618.15 | $3,021.66 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $186.54 | $186.54 | $87.28 |
| Taxes, insurance & HOA | $472.42 | $472.42 | $472.42 |
| Total housing payment | $3,277.10 | $3,631.14 | $3,581.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,583
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$62,240
Earnest money paid−$0
Remaining funds due$62,240
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$632.25
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$143.42
Prepaid interest, second (2 days)$21.70
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 11 moOf the original 30-year loan at 6.670%
Interest already paid$82,294Through Nov 2026
Assumption only · ends Oct 2053$493,015
Assumption + second · ends Oct 2053, second Dec 2056$576,467
New conventional · ends Dec 2056$661,856