Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,284/mo
Lowest payment- Down payment
- $61,392
- Funds due
- $73,145
- Interest + MI left
- $468,572
- First ends
- Mar 2053
Assumption
Assumption + second
$3,671/mo
+$387/mo- Down payment
- $23,392
- Funds due
- $36,407
- Interest + MI left
- $569,971
- First ends
- Mar 2053
New loan
New conventional
$3,509/mo
+$226/mo- Down payment
- $23,392
- Funds due
- $33,131
- Interest + MI left
- $649,198
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,608 | $388,608 | $426,608 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,524.80 | $2,524.80 | $2,953.75 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $288.63 | $288.63 | $85.32 |
| Taxes, insurance & HOA | $470.42 | $470.42 | $470.42 |
| Total housing payment | $3,283.85 | $3,671.07 | $3,509.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,392
Closing costs & prepaids$13,016
Usable credit−$0
Total buyer cash needed$36,407
Earnest money paid−$0
Remaining funds due$36,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$637.25
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$67.18
Prepaid interest, second (1 days)$12.36
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 6.310%
Interest already paid$92,227Through Nov 2026
Assumption only · ends Mar 2053$468,572
Assumption + second · ends Mar 2053, second Dec 2056$569,971
New conventional · ends Dec 2056$649,198