Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,336/mo
Lowest payment- Down payment
- $76,262
- Funds due
- $87,063
- Interest + MI left
- $302,192
- First ends
- May 2053
Assumption
Assumption + second
$2,674/mo
+$338/mo- Down payment
- $34,262
- Funds due
- $46,333
- Interest + MI left
- $381,851
- First ends
- May 2053
New loan
New conventional
$2,686/mo
+$350/mo- Down payment
- $34,262
- Funds due
- $42,953
- Interest + MI left
- $462,095
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,738 | $262,738 | $304,738 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,694.57 | $1,694.57 | $2,109.94 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $126.01 | $126.01 | $60.95 |
| Taxes, insurance & HOA | $515.08 | $515.08 | $515.08 |
| Total housing payment | $2,335.66 | $2,673.60 | $2,685.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,262
Closing costs & prepaids$12,071
Usable credit−$0
Total buyer cash needed$46,333
Earnest money paid−$0
Remaining funds due$46,333
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$982.75
Initial HOA (3 months)$112.50
Prepaid interest, first (2 days)$90.12
Prepaid interest, second (2 days)$20.71
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 6 moOf the original 30-year loan at 6.260%
Interest already paid$58,982Through Nov 2026
Assumption only · ends May 2053$302,192
Assumption + second · ends May 2053, second Dec 2056$381,851
New conventional · ends Dec 2056$462,095