Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,047/mo
Lowest payment- Down payment
- $102,162
- Funds due
- $114,387
- Interest + MI left
- $433,506
- First ends
- Jun 2053
Assumption
Assumption + second
$3,497/mo
+$451/mo- Down payment
- $46,162
- Funds due
- $59,664
- Interest + MI left
- $539,718
- First ends
- Jun 2053
New loan
New conventional
$3,455/mo
+$409/mo- Down payment
- $46,162
- Funds due
- $56,165
- Interest + MI left
- $627,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,836 | $357,836 | $413,836 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,368.50 | $2,368.50 | $2,865.32 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $171.04 | $171.04 | $82.77 |
| Taxes, insurance & HOA | $507.25 | $507.25 | $507.25 |
| Total housing payment | $3,046.79 | $3,497.37 | $3,455.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,162
Closing costs & prepaids$13,503
Usable credit−$0
Total buyer cash needed$59,664
Earnest money paid−$0
Remaining funds due$59,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.98
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)$679.75
Initial HOA (3 months)$342.00
Prepaid interest, first (2 days)$128.23
Prepaid interest, second (2 days)$27.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.540%
Interest already paid$81,777Through Nov 2026
Assumption only · ends Jun 2053$433,506
Assumption + second · ends Jun 2053, second Dec 2056$539,718
New conventional · ends Dec 2056$627,610