Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $102,941
- Funds due
- $113,215
- Interest + MI left
- $272,451
- First ends
- Jul 2053
Assumption
Assumption + second
$2,548/mo
+$563/mo- Down payment
- $32,941
- Funds due
- $44,482
- Interest + MI left
- $405,216
- First ends
- Jul 2053
New loan
New conventional
$2,465/mo
+$480/mo- Down payment
- $32,941
- Funds due
- $41,104
- Interest + MI left
- $435,229
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,059 | $217,059 | $287,059 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,461.42 | $1,461.42 | $1,987.54 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $103.48 | $103.48 | $57.41 |
| Taxes, insurance & HOA | $419.67 | $419.67 | $419.67 |
| Total housing payment | $1,984.57 | $2,547.81 | $2,464.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,941
Closing costs & prepaids$11,541
Usable credit−$0
Total buyer cash needed$44,482
Earnest money paid−$0
Remaining funds due$44,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$800.00
Initial HOA (3 months)$9.00
Prepaid interest, first (1 days)$40.02
Prepaid interest, second (1 days)$17.26
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 6.730%
Interest already paid$49,733Through Nov 2026
Assumption only · ends Jul 2053$272,451
Assumption + second · ends Jul 2053, second Dec 2056$405,216
New conventional · ends Dec 2056$435,229