Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,523/mo
Lowest payment- Down payment
- $91,345
- Funds due
- $103,956
- Interest + MI left
- $546,481
- First ends
- Sep 2053
Assumption
Assumption + second
$3,829/mo
+$306/mo- Down payment
- $53,345
- Funds due
- $67,225
- Interest + MI left
- $618,553
- First ends
- Sep 2053
New loan
New conventional
$3,769/mo
+$246/mo- Down payment
- $53,345
- Funds due
- $63,655
- Interest + MI left
- $715,202
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,655 | $433,655 | $471,655 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,907.65 | $2,907.65 | $3,265.64 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $206.32 | $206.32 | $94.33 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $3,522.97 | $3,828.73 | $3,768.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,345
Closing costs & prepaids$13,880
Usable credit−$0
Total buyer cash needed$67,225
Earnest money paid−$0
Remaining funds due$67,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$452.00
Initial HOA (3 months)$275.01
Prepaid interest, first (2 days)$159.44
Prepaid interest, second (2 days)$18.74
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$94,004Through Nov 2026
Assumption only · ends Sep 2053$546,481
Assumption + second · ends Sep 2053, second Dec 2056$618,553
New conventional · ends Dec 2056$715,202