Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $86,177
- Funds due
- $95,687
- Interest + MI left
- $225,858
- First ends
- Apr 2053
Assumption
Assumption + second
$2,123/mo
+$467/mo- Down payment
- $28,177
- Funds due
- $38,952
- Interest + MI left
- $335,863
- First ends
- Apr 2053
New loan
New conventional
$2,079/mo
+$422/mo- Down payment
- $28,177
- Funds due
- $35,622
- Interest + MI left
- $375,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,723 | $189,723 | $247,723 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,251.49 | $1,251.49 | $1,715.18 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $90.94 | $90.94 | $49.54 |
| Taxes, insurance & HOA | $314.08 | $314.08 | $314.08 |
| Total housing payment | $1,656.51 | $2,123.19 | $2,078.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,177
Closing costs & prepaids$10,774
Usable credit−$0
Total buyer cash needed$38,952
Earnest money paid−$0
Remaining funds due$38,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,759.00
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)$447.25
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$33.68
Prepaid interest, second (1 days)$14.30
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 6.480%
Interest already paid$45,125Through Nov 2026
Assumption only · ends Apr 2053$225,858
Assumption + second · ends Apr 2053, second Dec 2056$335,863
New conventional · ends Dec 2056$375,639