Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,951/mo
Lowest payment- Down payment
- $66,342
- Funds due
- $80,000
- Interest + MI left
- $615,668
- First ends
- Oct 2053
Assumption
Assumption + second
$4,348/mo
+$397/mo- Down payment
- $27,342
- Funds due
- $42,364
- Interest + MI left
- $719,736
- First ends
- Oct 2053
New loan
New conventional
$4,067/mo
+$116/mo- Down payment
- $27,342
- Funds due
- $39,028
- Interest + MI left
- $752,212
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,558 | $473,558 | $512,558 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,233.29 | $3,233.29 | $3,472.25 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $225.01 | $225.01 | $102.51 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $3,950.96 | $4,348.37 | $4,067.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,342
Closing costs & prepaids$15,022
Usable credit−$0
Total buyer cash needed$42,364
Earnest money paid−$0
Remaining funds due$42,364
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$805.70
Prepaid interest, second (9 days)$114.20
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 10 moOf the original 30-year loan at 6.9%
Interest already paid$105,489Through Dec 2026
Assumption only · ends Oct 2053$615,668
Assumption + second · ends Oct 2053, second Jan 2057$719,736
New conventional · ends Jan 2057$752,212