Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
Lowest payment- Down payment
- $44,857
- Funds due
- $55,240
- Interest + MI left
- $348,994
- First ends
- Dec 2052
Assumption
Assumption + second
$2,798/mo
+$275/mo- Down payment
- $17,857
- Funds due
- $29,499
- Interest + MI left
- $421,041
- First ends
- Dec 2052
New loan
New conventional
$2,709/mo
+$186/mo- Down payment
- $17,857
- Funds due
- $26,278
- Interest + MI left
- $501,640
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,643 | $302,643 | $329,643 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,935.87 | $1,935.87 | $2,282.38 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $226.04 | $226.04 | $65.93 |
| Taxes, insurance & HOA | $360.75 | $360.75 | $360.75 |
| Total housing payment | $2,522.66 | $2,797.79 | $2,709.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,857
Closing costs & prepaids$11,642
Usable credit−$0
Total buyer cash needed$29,499
Earnest money paid−$0
Remaining funds due$29,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,475.00
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)$317.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$50.66
Prepaid interest, second (1 days)$8.78
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 1 moOf the original 30-year loan at 6.110%
Interest already paid$74,516Through Nov 2026
Assumption only · ends Dec 2052$348,994
Assumption + second · ends Dec 2052, second Dec 2056$421,041
New conventional · ends Dec 2056$501,640