Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $112,183
- Funds due
- $122,697
- Interest + MI left
- $278,757
- First ends
- Apr 2053
Assumption
Assumption + second
$2,680/mo
+$612/mo- Down payment
- $36,183
- Funds due
- $47,966
- Interest + MI left
- $422,902
- First ends
- Apr 2053
New loan
New conventional
$2,654/mo
+$585/mo- Down payment
- $36,183
- Funds due
- $44,558
- Interest + MI left
- $483,444
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,817 | $242,817 | $318,817 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,569.54 | $1,569.54 | $2,207.42 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $116.59 | $116.59 | $63.76 |
| Taxes, insurance & HOA | $382.42 | $382.42 | $382.42 |
| Total housing payment | $2,068.55 | $2,680.06 | $2,653.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,183
Closing costs & prepaids$11,783
Usable credit−$0
Total buyer cash needed$47,966
Earnest money paid−$0
Remaining funds due$47,966
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$481.25
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$41.71
Prepaid interest, second (1 days)$18.74
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$55,932Through Nov 2026
Assumption only · ends Apr 2053$278,757
Assumption + second · ends Apr 2053, second Dec 2056$422,902
New conventional · ends Dec 2056$483,444