Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $224,041
- Funds due
- $236,743
- Interest + MI left
- $430,532
- First ends
- Jan 2053
Assumption
Assumption + second
$4,119/mo
+$1,240/mo- Down payment
- $55,041
- Funds due
- $69,030
- Interest + MI left
- $707,954
- First ends
- Jan 2053
New loan
New conventional
$3,914/mo
+$1,035/mo- Down payment
- $55,041
- Funds due
- $65,431
- Interest + MI left
- $750,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,959 | $325,959 | $494,959 |
| Second mortgage | — | $169,000 | — |
| First P&I | $2,249.48 | $2,249.48 | $3,427.00 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $241.44 | $241.44 | $98.99 |
| Taxes, insurance & HOA | $388.34 | $388.34 | $388.34 |
| Total housing payment | $2,879.26 | $4,119.32 | $3,914.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,041
Closing costs & prepaids$13,989
Usable credit−$0
Total buyer cash needed$69,030
Earnest money paid−$0
Remaining funds due$69,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$459.00
Initial HOA (3 months)$206.01
Prepaid interest, first (1 days)$61.80
Prepaid interest, second (1 days)$37.04
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 6.920%
Interest already paid$88,573Through Nov 2026
Assumption only · ends Jan 2053$430,532
Assumption + second · ends Jan 2053, second Dec 2056$707,954
New conventional · ends Dec 2056$750,639