Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,586/mo
Lowest payment- Down payment
- $75,047
- Funds due
- $88,359
- Interest + MI left
- $515,533
- First ends
- May 2053
Assumption
Assumption + second
$4,075/mo
+$489/mo- Down payment
- $27,047
- Funds due
- $41,750
- Interest + MI left
- $643,617
- First ends
- May 2053
New loan
New conventional
$3,937/mo
+$351/mo- Down payment
- $27,047
- Funds due
- $38,476
- Interest + MI left
- $730,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,853 | $449,853 | $497,853 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,904.98 | $2,904.98 | $3,372.63 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $216.02 | $216.02 | $99.57 |
| Taxes, insurance & HOA | $464.67 | $464.67 | $464.67 |
| Total housing payment | $3,585.66 | $4,074.78 | $3,936.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,047
Closing costs & prepaids$14,703
Usable credit−$0
Total buyer cash needed$41,750
Earnest money paid−$0
Remaining funds due$41,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.00
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)$630.00
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$694.38
Prepaid interest, second (9 days)$140.55
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$103,461Through Dec 2026
Assumption only · ends May 2053$515,533
Assumption + second · ends May 2053, second Jan 2057$643,617
New conventional · ends Jan 2057$730,532