Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,496/mo
Lowest payment- Down payment
- $133,759
- Funds due
- $145,606
- Interest + MI left
- $338,399
- First ends
- Apr 2053
Assumption
Assumption + second
$3,228/mo
+$732/mo- Down payment
- $42,759
- Funds due
- $56,058
- Interest + MI left
- $510,993
- First ends
- Apr 2053
New loan
New conventional
$3,121/mo
+$625/mo- Down payment
- $42,759
- Funds due
- $52,598
- Interest + MI left
- $558,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,241 | $291,241 | $382,241 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,901.37 | $1,901.37 | $2,589.43 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $139.91 | $139.91 | $76.45 |
| Taxes, insurance & HOA | $455.00 | $455.00 | $455.00 |
| Total housing payment | $2,496.28 | $3,228.48 | $3,120.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,759
Closing costs & prepaids$13,299
Usable credit−$0
Total buyer cash needed$56,058
Earnest money paid−$0
Remaining funds due$56,058
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$456.73
Prepaid interest, second (9 days)$201.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.36%
Interest already paid$69,651Through Dec 2026
Assumption only · ends Apr 2053$338,399
Assumption + second · ends Apr 2053, second Jan 2057$510,993
New conventional · ends Jan 2057$558,900