Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,284/mo
Lowest payment- Down payment
- $166,873
- Funds due
- $179,932
- Interest + MI left
- $486,564
- First ends
- Apr 2053
Assumption
Assumption + second
$4,143/mo
+$859/mo- Down payment
- $49,873
- Funds due
- $64,233
- Interest + MI left
- $678,625
- First ends
- Apr 2053
New loan
New conventional
$3,835/mo
+$551/mo- Down payment
- $49,873
- Funds due
- $60,673
- Interest + MI left
- $675,065
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,127 | $328,127 | $445,127 |
| Second mortgage | — | $117,000 | — |
| First P&I | $2,464.15 | $2,464.15 | $3,081.97 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $155.69 | $155.69 | $89.03 |
| Taxes, insurance & HOA | $664.25 | $664.25 | $664.25 |
| Total housing payment | $3,284.09 | $4,142.59 | $3,835.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,873
Closing costs & prepaids$14,361
Usable credit−$0
Total buyer cash needed$64,233
Earnest money paid−$0
Remaining funds due$64,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,292.75
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$141.68
Prepaid interest, second (2 days)$51.29
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 7.880%
Interest already paid$94,399Through Nov 2026
Assumption only · ends Apr 2053$486,564
Assumption + second · ends Apr 2053, second Dec 2056$678,625
New conventional · ends Dec 2056$675,065