Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,147/mo
Lowest payment- Down payment
- $76,700
- Funds due
- $89,200
- Interest + MI left
- $449,530
- First ends
- Mar 2053
Assumption
Assumption + second
$3,388/mo
+$241/mo- Down payment
- $46,700
- Funds due
- $60,517
- Interest + MI left
- $506,429
- First ends
- Mar 2053
New loan
New conventional
$3,339/mo
+$192/mo- Down payment
- $46,700
- Funds due
- $57,065
- Interest + MI left
- $611,624
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,300 | $388,300 | $418,300 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,538.14 | $2,538.14 | $2,833.71 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $186.76 | $186.76 | $83.66 |
| Taxes, insurance & HOA | $422.00 | $422.00 | $422.00 |
| Total housing payment | $3,146.89 | $3,388.28 | $3,339.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,700
Closing costs & prepaids$13,817
Usable credit−$0
Total buyer cash needed$60,517
Earnest money paid−$0
Remaining funds due$60,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$207.99
Prepaid interest, first (9 days)$608.94
Prepaid interest, second (9 days)$66.58
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 3 moOf the original 30-year loan at 6.36%
Interest already paid$95,038Through Dec 2026
Assumption only · ends Mar 2053$449,530
Assumption + second · ends Mar 2053, second Jan 2057$506,429
New conventional · ends Jan 2057$611,624