Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,955/mo
Lowest payment- Down payment
- $126,756
- Funds due
- $138,639
- Interest + MI left
- $439,533
- First ends
- Feb 2053
Assumption
Assumption + second
$3,591/mo
+$636/mo- Down payment
- $47,756
- Funds due
- $60,909
- Interest + MI left
- $589,368
- First ends
- Feb 2053
New loan
New conventional
$3,409/mo
+$454/mo- Down payment
- $47,756
- Funds due
- $57,386
- Interest + MI left
- $647,944
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,244 | $348,244 | $427,244 |
| Second mortgage | — | $79,000 | — |
| First P&I | $2,331.42 | $2,331.42 | $2,958.15 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $258.31 | $258.31 | $85.45 |
| Taxes, insurance & HOA | $365.17 | $365.17 | $365.17 |
| Total housing payment | $2,954.90 | $3,590.55 | $3,408.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,756
Closing costs & prepaids$13,153
Usable credit−$0
Total buyer cash needed$60,909
Earnest money paid−$0
Remaining funds due$60,909
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$385.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$63.07
Prepaid interest, second (1 days)$19.48
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 3 moOf the original 30-year loan at 6.610%
Interest already paid$88,486Through Nov 2026
Assumption only · ends Feb 2053$439,533
Assumption + second · ends Feb 2053, second Dec 2056$589,368
New conventional · ends Dec 2056$647,944