Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,083/mo
Lowest payment- Down payment
- $57,613
- Funds due
- $69,288
- Interest + MI left
- $422,648
- First ends
- Apr 2053
Assumption
Assumption + second
$3,440/mo
+$357/mo- Down payment
- $22,613
- Funds due
- $35,549
- Interest + MI left
- $516,042
- First ends
- Apr 2053
New loan
New conventional
$3,433/mo
+$350/mo- Down payment
- $22,613
- Funds due
- $32,282
- Interest + MI left
- $627,557
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,387 | $377,387 | $412,387 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,406.31 | $2,406.31 | $2,855.28 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $181.42 | $181.42 | $82.48 |
| Taxes, insurance & HOA | $495.58 | $495.58 | $495.58 |
| Total housing payment | $3,083.31 | $3,439.96 | $3,433.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,613
Closing costs & prepaids$12,937
Usable credit−$0
Total buyer cash needed$35,549
Earnest money paid−$0
Remaining funds due$35,549
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$658.75
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$63.38
Prepaid interest, second (1 days)$11.39
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 5 moOf the original 30-year loan at 6.130%
Interest already paid$85,041Through Nov 2026
Assumption only · ends Apr 2053$422,648
Assumption + second · ends Apr 2053, second Dec 2056$516,042
New conventional · ends Dec 2056$627,557