Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
Lowest payment- Down payment
- $44,764
- Funds due
- $54,967
- Interest + MI left
- $340,083
- First ends
- Apr 2053
Assumption
Assumption + second
$2,655/mo
+$275/mo- Down payment
- $17,764
- Funds due
- $29,226
- Interest + MI left
- $412,130
- First ends
- Apr 2053
New loan
New conventional
$2,625/mo
+$246/mo- Down payment
- $17,764
- Funds due
- $26,004
- Interest + MI left
- $491,890
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,236 | $296,236 | $323,236 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,914.84 | $1,914.84 | $2,238.02 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $142.24 | $142.24 | $64.65 |
| Taxes, insurance & HOA | $322.42 | $322.42 | $322.42 |
| Total housing payment | $2,379.49 | $2,654.62 | $2,625.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,764
Closing costs & prepaids$11,462
Usable credit−$0
Total buyer cash needed$29,226
Earnest money paid−$0
Remaining funds due$29,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,410.00
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)$322.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$50.89
Prepaid interest, second (1 days)$8.78
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$68,237Through Nov 2026
Assumption only · ends Apr 2053$340,083
Assumption + second · ends Apr 2053, second Dec 2056$412,130
New conventional · ends Dec 2056$491,890