Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,208/mo
Lowest payment- Down payment
- $58,711
- Funds due
- $69,229
- Interest + MI left
- $271,772
- First ends
- May 2053
Assumption
Assumption + second
$2,441/mo
+$233/mo- Down payment
- $29,711
- Funds due
- $41,493
- Interest + MI left
- $326,774
- First ends
- May 2053
New loan
New conventional
$2,460/mo
+$253/mo- Down payment
- $29,711
- Funds due
- $38,158
- Interest + MI left
- $402,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,289 | $236,289 | $265,289 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,523.98 | $1,523.98 | $1,836.81 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $113.32 | $113.32 | $53.06 |
| Taxes, insurance & HOA | $570.58 | $570.58 | $570.58 |
| Total housing payment | $2,207.89 | $2,441.23 | $2,460.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,711
Closing costs & prepaids$11,782
Usable credit−$0
Total buyer cash needed$41,493
Earnest money paid−$0
Remaining funds due$41,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$253.75
Initial HOA (3 months)$1,008.00
Prepaid interest, first (2 days)$81.05
Prepaid interest, second (2 days)$14.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 30-year loan at 6.260%
Interest already paid$53,044Through Nov 2026
Assumption only · ends May 2053$271,772
Assumption + second · ends May 2053, second Dec 2056$326,774
New conventional · ends Dec 2056$402,329