Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,184/mo
Lowest payment- Down payment
- $52,968
- Funds due
- $65,430
- Interest + MI left
- $422,224
- First ends
- Jun 2053
Assumption
Assumption + second
$3,510/mo
+$326/mo- Down payment
- $20,968
- Funds due
- $34,774
- Interest + MI left
- $507,612
- First ends
- Jun 2053
New loan
New conventional
$3,387/mo
+$203/mo- Down payment
- $20,968
- Funds due
- $31,544
- Interest + MI left
- $570,852
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,032 | $357,032 | $389,032 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,338.76 | $2,338.76 | $2,635.44 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $171.01 | $171.01 | $77.81 |
| Taxes, insurance & HOA | $674.00 | $674.00 | $674.00 |
| Total housing payment | $3,183.77 | $3,509.85 | $3,387.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,968
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$34,774
Earnest money paid−$0
Remaining funds due$34,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (9 days)$565.19
Prepaid interest, second (9 days)$93.70
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 6 moOf the original 30-year loan at 6.42%
Interest already paid$82,143Through Dec 2026
Assumption only · ends Jun 2053$422,224
Assumption + second · ends Jun 2053, second Jan 2057$507,612
New conventional · ends Jan 2057$570,852