Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,103/mo
Lowest payment- Down payment
- $76,223
- Funds due
- $88,048
- Interest + MI left
- $451,728
- First ends
- Mar 2053
Assumption
Assumption + second
$3,336/mo
+$233/mo- Down payment
- $47,223
- Funds due
- $60,306
- Interest + MI left
- $506,731
- First ends
- Mar 2053
New loan
New conventional
$3,354/mo
+$251/mo- Down payment
- $47,223
- Funds due
- $56,793
- Interest + MI left
- $633,503
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,777 | $388,777 | $417,777 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,538.14 | $2,538.14 | $2,892.60 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $186.76 | $186.76 | $83.56 |
| Taxes, insurance & HOA | $377.66 | $377.66 | $377.66 |
| Total housing payment | $3,102.56 | $3,335.90 | $3,353.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,223
Closing costs & prepaids$13,083
Usable credit−$0
Total buyer cash needed$60,306
Earnest money paid−$0
Remaining funds due$60,306
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$425.00
Initial HOA (3 months)$207.99
Prepaid interest, first (1 days)$67.74
Prepaid interest, second (1 days)$7.15
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$92,977Through Nov 2026
Assumption only · ends Mar 2053$451,728
Assumption + second · ends Mar 2053, second Dec 2056$506,731
New conventional · ends Dec 2056$633,503