Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,937/mo
Lowest payment- Down payment
- $251,614
- Funds due
- $265,151
- Interest + MI left
- $412,858
- First ends
- Jul 2053
Assumption
Assumption + second
$4,338/mo
+$1,401/mo- Down payment
- $60,614
- Funds due
- $75,442
- Interest + MI left
- $726,394
- First ends
- Jul 2053
New loan
New conventional
$4,343/mo
+$1,406/mo- Down payment
- $60,614
- Funds due
- $71,793
- Interest + MI left
- $817,906
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,385 | $348,385 | $539,385 |
| Second mortgage | — | $191,000 | — |
| First P&I | $2,270.07 | $2,270.07 | $3,734.59 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $166.51 | $166.51 | $107.88 |
| Taxes, insurance & HOA | $500.25 | $500.25 | $500.25 |
| Total housing payment | $2,936.84 | $4,338.33 | $4,342.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,614
Closing costs & prepaids$14,829
Usable credit−$0
Total buyer cash needed$75,442
Earnest money paid−$0
Remaining funds due$75,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$562.25
Initial HOA (3 months)$438.51
Prepaid interest, first (1 days)$60.99
Prepaid interest, second (1 days)$41.86
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 8 moOf the original 30-year loan at 6.390%
Interest already paid$75,890Through Nov 2026
Assumption only · ends Jul 2053$412,858
Assumption + second · ends Jul 2053, second Dec 2056$726,394
New conventional · ends Dec 2056$817,906