Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,202/mo
Lowest payment- Down payment
- $71,538
- Funds due
- $83,572
- Interest + MI left
- $470,320
- First ends
- Aug 2053
Assumption
Assumption + second
$3,412/mo
+$209/mo- Down payment
- $45,538
- Funds due
- $58,828
- Interest + MI left
- $519,633
- First ends
- Aug 2053
New loan
New conventional
$3,397/mo
+$195/mo- Down payment
- $45,538
- Funds due
- $55,331
- Interest + MI left
- $620,977
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,462 | $383,462 | $409,462 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,539.59 | $2,539.59 | $2,835.03 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $182.82 | $182.82 | $81.89 |
| Taxes, insurance & HOA | $480.00 | $480.00 | $480.00 |
| Total housing payment | $3,202.41 | $3,411.61 | $3,396.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,538
Closing costs & prepaids$13,290
Usable credit−$0
Total buyer cash needed$58,828
Earnest money paid−$0
Remaining funds due$58,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$664.00
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$69.02
Prepaid interest, second (1 days)$6.41
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 9 moOf the original 30-year loan at 6.570%
Interest already paid$83,625Through Nov 2026
Assumption only · ends Aug 2053$470,320
Assumption + second · ends Aug 2053, second Dec 2056$519,633
New conventional · ends Dec 2056$620,977