Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,370/mo
Lowest payment- Down payment
- $89,509
- Funds due
- $102,617
- Interest + MI left
- $478,680
- First ends
- May 2053
Assumption
Assumption + second
$3,668/mo
+$298/mo- Down payment
- $52,509
- Funds due
- $66,949
- Interest + MI left
- $548,856
- First ends
- May 2053
New loan
New conventional
$3,689/mo
+$319/mo- Down payment
- $52,509
- Funds due
- $63,473
- Interest + MI left
- $683,549
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,491 | $430,491 | $467,491 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,734.17 | $2,734.17 | $3,166.95 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $207.01 | $207.01 | $93.50 |
| Taxes, insurance & HOA | $428.67 | $428.67 | $428.67 |
| Total housing payment | $3,369.85 | $3,667.56 | $3,689.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,509
Closing costs & prepaids$14,440
Usable credit−$0
Total buyer cash needed$66,949
Earnest money paid−$0
Remaining funds due$66,949
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$646.44
Prepaid interest, second (9 days)$82.11
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 6.09%
Interest already paid$96,392Through Dec 2026
Assumption only · ends May 2053$478,680
Assumption + second · ends May 2053, second Jan 2057$548,856
New conventional · ends Jan 2057$683,549