Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$445/mo
Lowest payment- Down payment
- $304,782
- Funds due
- $314,825
- Interest + MI left
- $12,688
- First ends
- May 2053
Assumption
Assumption + second
$2,401/mo
+$1,956/mo- Down payment
- $31,782
- Funds due
- $43,133
- Interest + MI left
- $443,778
- First ends
- May 2053
New loan
New conventional
$2,389/mo
+$1,944/mo- Down payment
- $31,782
- Funds due
- $39,762
- Interest + MI left
- $429,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,218 | $10,218 | $283,218 |
| Second mortgage | — | $273,000 | — |
| First P&I | $68.88 | $68.88 | $1,960.94 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $4.77 | $4.77 | $56.64 |
| Taxes, insurance & HOA | $371.83 | $371.83 | $371.83 |
| Total housing payment | $445.49 | $2,401.30 | $2,389.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,782
Closing costs & prepaids$11,350
Usable credit−$0
Total buyer cash needed$43,133
Earnest money paid−$0
Remaining funds due$43,133
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$467.50
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$1.88
Prepaid interest, second (1 days)$57.97
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 6 moOf the original 28-year loan at 6.720%
Interest already paid$1,041Through Nov 2026
Assumption only · ends May 2053$12,688
Assumption + second · ends May 2053, second Dec 2056$443,778
New conventional · ends Dec 2056$429,519