Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,986/mo
Lowest payment- Down payment
- $116,446
- Funds due
- $126,895
- Interest + MI left
- $268,112
- First ends
- Apr 2053
Assumption
Assumption + second
$2,638/mo
+$652/mo- Down payment
- $35,446
- Funds due
- $47,185
- Interest + MI left
- $421,740
- First ends
- Apr 2053
New loan
New conventional
$2,606/mo
+$619/mo- Down payment
- $35,446
- Funds due
- $43,788
- Interest + MI left
- $476,964
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,544 | $233,544 | $314,544 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,509.60 | $1,509.60 | $2,177.84 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $112.14 | $112.14 | $62.91 |
| Taxes, insurance & HOA | $364.75 | $364.75 | $364.75 |
| Total housing payment | $1,986.49 | $2,638.24 | $2,605.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,446
Closing costs & prepaids$11,739
Usable credit−$0
Total buyer cash needed$47,185
Earnest money paid−$0
Remaining funds due$47,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.90
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)$519.25
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$80.24
Prepaid interest, second (2 days)$39.95
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 closing26 yr 5 moOf the original 30-year loan at 6.270%
Interest already paid$53,796Through Nov 2026
Assumption only · ends Apr 2053$268,112
Assumption + second · ends Apr 2053, second Dec 2056$421,740
New conventional · ends Dec 2056$476,964