Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,006/mo
Lowest payment- Down payment
- $143,548
- Funds due
- $155,749
- Interest + MI left
- $484,511
- First ends
- Dec 2053
Assumption
Assumption + second
$3,763/mo
+$756/mo- Down payment
- $49,548
- Funds due
- $63,046
- Interest + MI left
- $662,795
- First ends
- Dec 2053
New loan
New conventional
$3,530/mo
+$523/mo- Down payment
- $49,548
- Funds due
- $59,493
- Interest + MI left
- $666,371
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,452 | $345,452 | $439,452 |
| Second mortgage | — | $94,000 | — |
| First P&I | $2,443.91 | $2,443.91 | $3,042.68 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $163.22 | $163.22 | $87.89 |
| Taxes, insurance & HOA | $399.25 | $399.25 | $399.25 |
| Total housing payment | $3,006.38 | $3,762.73 | $3,529.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,548
Closing costs & prepaids$13,497
Usable credit−$0
Total buyer cash needed$63,046
Earnest money paid−$0
Remaining funds due$63,046
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$472.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$138.37
Prepaid interest, second (2 days)$46.36
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$74,864Through Nov 2026
Assumption only · ends Dec 2053$484,511
Assumption + second · ends Dec 2053, second Dec 2056$662,795
New conventional · ends Dec 2056$666,371