Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,696/mo
Lowest payment- Down payment
- $80,647
- Funds due
- $91,293
- Interest + MI left
- $443,906
- First ends
- Dec 2053
Assumption
Assumption + second
$3,026/mo
+$330/mo- Down payment
- $39,647
- Funds due
- $51,553
- Interest + MI left
- $521,668
- First ends
- Dec 2053
New loan
New conventional
$2,799/mo
+$104/mo- Down payment
- $39,647
- Funds due
- $48,107
- Interest + MI left
- $531,264
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,353 | $309,353 | $350,353 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,166.10 | $2,166.10 | $2,425.77 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $226.04 | $226.04 | $70.07 |
| Taxes, insurance & HOA | $303.50 | $303.50 | $303.50 |
| Total housing payment | $2,695.64 | $3,025.53 | $2,799.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,647
Closing costs & prepaids$11,907
Usable credit−$0
Total buyer cash needed$51,553
Earnest money paid−$0
Remaining funds due$51,553
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$376.50
Initial HOA (3 months)$84.00
Prepaid interest, first (1 days)$61.02
Prepaid interest, second (1 days)$10.11
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 closing27 yr 1 moOf the original 30-year loan at 7.200%
Interest already paid$66,054Through Nov 2026
Assumption only · ends Dec 2053$443,906
Assumption + second · ends Dec 2053, second Dec 2056$521,668
New conventional · ends Dec 2056$531,264