Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,756/mo
Lowest payment- Down payment
- $224,477
- Funds due
- $237,250
- Interest + MI left
- $414,401
- First ends
- Oct 2053
Assumption
Assumption + second
$4,003/mo
+$1,247/mo- Down payment
- $54,477
- Funds due
- $68,537
- Interest + MI left
- $693,465
- First ends
- Oct 2053
New loan
New conventional
$3,901/mo
+$1,145/mo- Down payment
- $54,477
- Funds due
- $64,944
- Interest + MI left
- $734,715
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,523 | $314,523 | $484,523 |
| Second mortgage | — | $170,000 | — |
| First P&I | $2,157.41 | $2,157.41 | $3,354.74 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $149.23 | $149.23 | $96.90 |
| Taxes, insurance & HOA | $449.42 | $449.42 | $449.42 |
| Total housing payment | $2,756.06 | $4,003.46 | $3,901.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,477
Closing costs & prepaids$14,060
Usable credit−$0
Total buyer cash needed$68,537
Earnest money paid−$0
Remaining funds due$68,537
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$617.25
Initial HOA (3 months)$231.00
Prepaid interest, first (1 days)$59.97
Prepaid interest, second (1 days)$37.26
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 11 moOf the original 30-year loan at 6.960%
Interest already paid$68,758Through Nov 2026
Assumption only · ends Oct 2053$414,401
Assumption + second · ends Oct 2053, second Dec 2056$693,465
New conventional · ends Dec 2056$734,715