Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,347/mo
Lowest payment- Down payment
- $44,242
- Funds due
- $54,463
- Interest + MI left
- $327,089
- First ends
- Apr 2053
Assumption
Assumption + second
$2,632/mo
+$285/mo- Down payment
- $16,242
- Funds due
- $27,722
- Interest + MI left
- $401,805
- First ends
- Apr 2053
New loan
New conventional
$2,559/mo
+$213/mo- Down payment
- $16,242
- Funds due
- $24,513
- Interest + MI left
- $460,727
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,758 | $274,758 | $302,758 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,812.42 | $1,812.42 | $2,096.24 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $131.70 | $131.70 | $60.55 |
| Taxes, insurance & HOA | $402.42 | $402.42 | $402.42 |
| Total housing payment | $2,346.53 | $2,631.85 | $2,559.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,242
Closing costs & prepaids$11,480
Usable credit−$0
Total buyer cash needed$27,722
Earnest money paid−$0
Remaining funds due$27,722
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$523.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$48.78
Prepaid interest, second (1 days)$9.11
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 5 moOf the original 30-year loan at 6.480%
Interest already paid$65,350Through Nov 2026
Assumption only · ends Apr 2053$327,089
Assumption + second · ends Apr 2053, second Dec 2056$401,805
New conventional · ends Dec 2056$460,727