Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,338/mo
Lowest payment- Down payment
- $293,344
- Funds due
- $304,568
- Interest + MI left
- $158,521
- First ends
- Feb 2053
Assumption
Assumption + second
$3,136/mo
+$1,798/mo- Down payment
- $42,344
- Funds due
- $54,925
- Interest + MI left
- $554,871
- First ends
- Feb 2053
New loan
New conventional
$3,073/mo
+$1,735/mo- Down payment
- $42,344
- Funds due
- $51,451
- Interest + MI left
- $565,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,656 | $121,656 | $372,656 |
| Second mortgage | — | $251,000 | — |
| First P&I | $830.01 | $830.01 | $2,580.19 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $90.09 | $90.09 | $74.53 |
| Taxes, insurance & HOA | $418.08 | $418.08 | $418.08 |
| Total housing payment | $1,338.19 | $3,136.38 | $3,072.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,344
Closing costs & prepaids$12,581
Usable credit−$0
Total buyer cash needed$54,925
Earnest money paid−$0
Remaining funds due$54,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$528.25
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$45.40
Prepaid interest, second (2 days)$106.59
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$31,820Through Nov 2026
Assumption only · ends Feb 2053$158,521
Assumption + second · ends Feb 2053, second Dec 2056$554,871
New conventional · ends Dec 2056$565,083