Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $301,631
- Funds due
- $313,679
- Interest + MI left
- $219,489
- First ends
- Jun 2053
Assumption
Assumption + second
$3,526/mo
+$1,820/mo- Down payment
- $47,631
- Funds due
- $60,983
- Interest + MI left
- $620,576
- First ends
- Jun 2053
New loan
New conventional
$3,475/mo
+$1,769/mo- Down payment
- $47,631
- Funds due
- $57,458
- Interest + MI left
- $648,134
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,369 | $173,369 | $427,369 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,147.52 | $1,147.52 | $2,959.02 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $128.07 | $128.07 | $85.47 |
| Taxes, insurance & HOA | $430.58 | $430.58 | $430.58 |
| Total housing payment | $1,706.17 | $3,525.86 | $3,475.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,631
Closing costs & prepaids$13,352
Usable credit−$0
Total buyer cash needed$60,983
Earnest money paid−$0
Remaining funds due$60,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$374.75
Initial HOA (3 months)$417.00
Prepaid interest, first (1 days)$31.06
Prepaid interest, second (1 days)$53.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.540%
Interest already paid$39,620Through Nov 2026
Assumption only · ends Jun 2053$219,489
Assumption + second · ends Jun 2053, second Dec 2056$620,576
New conventional · ends Dec 2056$648,134