Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,353/mo
Lowest payment- Down payment
- $79,981
- Funds due
- $90,273
- Interest + MI left
- $362,086
- First ends
- May 2053
Assumption
Assumption + second
$2,682/mo
+$330/mo- Down payment
- $38,981
- Funds due
- $50,533
- Interest + MI left
- $439,848
- First ends
- May 2053
New loan
New conventional
$2,658/mo
+$305/mo- Down payment
- $38,981
- Funds due
- $47,098
- Interest + MI left
- $520,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,018 | $302,018 | $343,018 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,993.70 | $1,993.70 | $2,374.99 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $144.57 | $144.57 | $68.60 |
| Taxes, insurance & HOA | $214.25 | $214.25 | $214.25 |
| Total housing payment | $2,352.52 | $2,682.41 | $2,657.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,981
Closing costs & prepaids$11,552
Usable credit−$0
Total buyer cash needed$50,533
Earnest money paid−$0
Remaining funds due$50,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,819.99
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)$186.50
Initial HOA (3 months)$6.24
Prepaid interest, first (1 days)$53.78
Prepaid interest, second (1 days)$10.11
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$70,328Through Nov 2026
Assumption only · ends May 2053$362,086
Assumption + second · ends May 2053, second Dec 2056$439,848
New conventional · ends Dec 2056$520,141