Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,532/mo
Lowest payment- Down payment
- $48,488
- Funds due
- $58,665
- Interest + MI left
- $383,495
- First ends
- Feb 2053
Assumption
Assumption + second
$2,848/mo
+$316/mo- Down payment
- $17,488
- Funds due
- $28,925
- Interest + MI left
- $466,216
- First ends
- Feb 2053
New loan
New conventional
$2,624/mo
+$92/mo- Down payment
- $17,488
- Funds due
- $25,701
- Interest + MI left
- $495,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,312 | $294,312 | $325,312 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,007.97 | $2,007.97 | $2,252.39 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $217.95 | $217.95 | $65.06 |
| Taxes, insurance & HOA | $306.25 | $306.25 | $306.25 |
| Total housing payment | $2,532.17 | $2,848.06 | $2,623.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,488
Closing costs & prepaids$11,437
Usable credit−$0
Total buyer cash needed$28,925
Earnest money paid−$0
Remaining funds due$28,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,428.00
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)$232.75
Initial HOA (3 months)$236.01
Prepaid interest, first (1 days)$54.91
Prepaid interest, second (1 days)$10.09
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$76,979Through Nov 2026
Assumption only · ends Feb 2053$383,495
Assumption + second · ends Feb 2053, second Dec 2056$466,216
New conventional · ends Dec 2056$495,049