Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,261/mo
Lowest payment- Down payment
- $58,631
- Funds due
- $70,954
- Interest + MI left
- $490,057
- First ends
- Nov 2053
Assumption
Assumption + second
$3,628/mo
+$367/mo- Down payment
- $22,631
- Funds due
- $36,310
- Interest + MI left
- $586,120
- First ends
- Nov 2053
New loan
New conventional
$3,450/mo
+$188/mo- Down payment
- $22,631
- Funds due
- $33,043
- Interest + MI left
- $627,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,369 | $391,369 | $427,369 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,606.13 | $2,606.13 | $2,895.15 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $186.07 | $186.07 | $85.47 |
| Taxes, insurance & HOA | $469.00 | $469.00 | $469.00 |
| Total housing payment | $3,261.20 | $3,628.04 | $3,449.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,631
Closing costs & prepaids$13,679
Usable credit−$0
Total buyer cash needed$36,310
Earnest money paid−$0
Remaining funds due$36,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$641.74
Prepaid interest, second (9 days)$105.41
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 11 moOf the original 30-year loan at 6.65%
Interest already paid$81,834Through Dec 2026
Assumption only · ends Nov 2053$490,057
Assumption + second · ends Nov 2053, second Jan 2057$586,120
New conventional · ends Jan 2057$627,192