Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $82,783
- Funds due
- $92,244
- Interest + MI left
- $272,846
- First ends
- Jan 2053
Assumption
Assumption + second
$2,256/mo
+$426/mo- Down payment
- $29,783
- Funds due
- $40,507
- Interest + MI left
- $373,368
- First ends
- Jan 2053
New loan
New conventional
$2,103/mo
+$273/mo- Down payment
- $29,783
- Funds due
- $37,160
- Interest + MI left
- $394,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,217 | $207,217 | $260,217 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,427.36 | $1,427.36 | $1,801.69 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $153.51 | $153.51 | $52.04 |
| Taxes, insurance & HOA | $249.00 | $249.00 | $249.00 |
| Total housing payment | $1,829.88 | $2,256.33 | $2,102.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,783
Closing costs & prepaids$10,724
Usable credit−$0
Total buyer cash needed$40,507
Earnest money paid−$0
Remaining funds due$40,507
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$242.00
Initial HOA (3 months)$54.99
Prepaid interest, first (1 days)$39.17
Prepaid interest, second (1 days)$13.07
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 2 moOf the original 30-year loan at 6.900%
Interest already paid$56,149Through Nov 2026
Assumption only · ends Jan 2053$272,846
Assumption + second · ends Jan 2053, second Dec 2056$373,368
New conventional · ends Dec 2056$394,533