Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,680/mo
Lowest payment- Down payment
- $84,944
- Funds due
- $96,836
- Interest + MI left
- $298,548
- First ends
- Apr 2053
Assumption
Assumption + second
$3,082/mo
+$402/mo- Down payment
- $34,944
- Funds due
- $48,099
- Interest + MI left
- $393,380
- First ends
- Apr 2053
New loan
New conventional
$3,083/mo
+$403/mo- Down payment
- $34,944
- Funds due
- $44,705
- Interest + MI left
- $470,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,056 | $260,056 | $310,056 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,680.97 | $1,680.97 | $2,146.77 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $124.87 | $124.87 | $62.01 |
| Taxes, insurance & HOA | $874.25 | $874.25 | $874.25 |
| Total housing payment | $2,680.09 | $3,082.40 | $3,083.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,944
Closing costs & prepaids$13,155
Usable credit−$0
Total buyer cash needed$48,099
Earnest money paid−$0
Remaining funds due$48,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$336.75
Initial HOA (3 months)$1,836.00
Prepaid interest, first (1 days)$44.67
Prepaid interest, second (1 days)$12.33
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 5 moOf the original 30-year loan at 6.270%
Interest already paid$59,903Through Nov 2026
Assumption only · ends Apr 2053$298,548
Assumption + second · ends Apr 2053, second Dec 2056$393,380
New conventional · ends Dec 2056$470,159