Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,194/mo
Lowest payment- Down payment
- $50,484
- Funds due
- $62,529
- Interest + MI left
- $474,952
- First ends
- Jun 2053
Assumption
Assumption + second
$3,480/mo
+$285/mo- Down payment
- $22,484
- Funds due
- $35,861
- Interest + MI left
- $549,668
- First ends
- Jun 2053
New loan
New conventional
$3,324/mo
+$130/mo- Down payment
- $22,484
- Funds due
- $32,609
- Interest + MI left
- $612,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,516 | $389,516 | $417,516 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,596.09 | $2,596.09 | $2,828.40 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $186.31 | $186.31 | $83.50 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $3,194.40 | $3,479.72 | $3,323.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,484
Closing costs & prepaids$13,377
Usable credit−$0
Total buyer cash needed$35,861
Earnest money paid−$0
Remaining funds due$35,861
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$633.90
Prepaid interest, second (9 days)$81.99
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 6.6%
Interest already paid$92,061Through Dec 2026
Assumption only · ends Jun 2053$474,952
Assumption + second · ends Jun 2053, second Jan 2057$549,668
New conventional · ends Jan 2057$612,649