Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,017/mo
Lowest payment- Down payment
- $203,614
- Funds due
- $216,605
- Interest + MI left
- $416,734
- First ends
- Dec 2052
Assumption
Assumption + second
$4,096/mo
+$1,079/mo- Down payment
- $56,614
- Funds due
- $70,888
- Interest + MI left
- $658,042
- First ends
- Dec 2052
New loan
New conventional
$4,057/mo
+$1,040/mo- Down payment
- $56,614
- Funds due
- $67,282
- Interest + MI left
- $771,002
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,386 | $361,386 | $508,386 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,311.62 | $2,311.62 | $3,519.96 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $269.91 | $269.91 | $101.68 |
| Taxes, insurance & HOA | $435.33 | $435.33 | $435.33 |
| Total housing payment | $3,016.87 | $4,095.50 | $4,056.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,614
Closing costs & prepaids$14,274
Usable credit−$0
Total buyer cash needed$70,888
Earnest money paid−$0
Remaining funds due$70,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$602.00
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$60.50
Prepaid interest, second (1 days)$32.22
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 1 moOf the original 30-year loan at 6.110%
Interest already paid$88,980Through Nov 2026
Assumption only · ends Dec 2052$416,734
Assumption + second · ends Dec 2052, second Dec 2056$658,042
New conventional · ends Dec 2056$771,002