Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,650/mo
Lowest payment- Down payment
- $56,972
- Funds due
- $68,252
- Interest + MI left
- $341,352
- First ends
- Dec 2053
Assumption
Assumption + second
$3,006/mo
+$357/mo- Down payment
- $21,972
- Funds due
- $34,514
- Interest + MI left
- $434,746
- First ends
- Dec 2053
New loan
New conventional
$3,322/mo
+$672/mo- Down payment
- $21,972
- Funds due
- $31,266
- Interest + MI left
- $633,181
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,028 | $381,028 | $416,028 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,108.36 | $2,108.36 | $2,880.49 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $183.12 | $183.12 | $83.21 |
| Taxes, insurance & HOA | $358.17 | $358.17 | $358.17 |
| Total housing payment | $2,649.65 | $3,006.30 | $3,321.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,972
Closing costs & prepaids$12,542
Usable credit−$0
Total buyer cash needed$34,514
Earnest money paid−$0
Remaining funds due$34,514
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,380.00
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)$327.50
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$50.63
Prepaid interest, second (1 days)$11.39
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 4.850%
Interest already paid$55,277Through Nov 2026
Assumption only · ends Dec 2053$341,352
Assumption + second · ends Dec 2053, second Dec 2056$434,746
New conventional · ends Dec 2056$633,181