Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
Lowest payment- Down payment
- $73,073
- Funds due
- $83,446
- Interest + MI left
- $245,518
- First ends
- Mar 2053
Assumption
Assumption + second
$2,435/mo
+$362/mo- Down payment
- $28,073
- Funds due
- $39,707
- Interest + MI left
- $330,866
- First ends
- Mar 2053
New loan
New conventional
$2,363/mo
+$291/mo- Down payment
- $28,073
- Funds due
- $36,380
- Interest + MI left
- $374,432
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,927 | $201,927 | $246,927 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,318.28 | $1,318.28 | $1,709.67 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $149.91 | $149.91 | $49.39 |
| Taxes, insurance & HOA | $604.33 | $604.33 | $604.33 |
| Total housing payment | $2,072.53 | $2,434.61 | $2,363.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,073
Closing costs & prepaids$11,634
Usable credit−$0
Total buyer cash needed$39,707
Earnest money paid−$0
Remaining funds due$39,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$268.00
Initial HOA (3 months)$1,095.00
Prepaid interest, first (1 days)$35.19
Prepaid interest, second (1 days)$11.10
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 4 moOf the original 30-year loan at 6.360%
Interest already paid$48,291Through Nov 2026
Assumption only · ends Mar 2053$245,518
Assumption + second · ends Mar 2053, second Dec 2056$330,866
New conventional · ends Dec 2056$374,432