Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,067/mo
Lowest payment- Down payment
- $258,742
- Funds due
- $269,127
- Interest + MI left
- $135,006
- First ends
- Dec 2053
Assumption
Assumption + second
$2,665/mo
+$1,598/mo- Down payment
- $35,742
- Funds due
- $47,472
- Interest + MI left
- $487,142
- First ends
- Dec 2053
New loan
New conventional
$2,615/mo
+$1,548/mo- Down payment
- $35,742
- Funds due
- $44,061
- Interest + MI left
- $484,176
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,258 | $96,258 | $319,258 |
| Second mortgage | — | $223,000 | — |
| First P&I | $680.98 | $680.98 | $2,210.48 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $45.48 | $45.48 | $63.85 |
| Taxes, insurance & HOA | $340.50 | $340.50 | $340.50 |
| Total housing payment | $1,066.96 | $2,664.56 | $2,614.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,742
Closing costs & prepaids$11,730
Usable credit−$0
Total buyer cash needed$47,472
Earnest money paid−$0
Remaining funds due$47,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$274.50
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$38.56
Prepaid interest, second (2 days)$94.70
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 closing27 yr 1 moOf the original 30-year loan at 7.310%
Interest already paid$20,860Through Nov 2026
Assumption only · ends Dec 2053$135,006
Assumption + second · ends Dec 2053, second Dec 2056$487,142
New conventional · ends Dec 2056$484,176