Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
Lowest payment- Down payment
- $43,378
- Funds due
- $54,261
- Interest + MI left
- $376,265
- First ends
- Sep 2053
Assumption
Assumption + second
$2,954/mo
+$265/mo- Down payment
- $17,378
- Funds due
- $29,520
- Interest + MI left
- $445,644
- First ends
- Sep 2053
New loan
New conventional
$2,812/mo
+$123/mo- Down payment
- $17,378
- Funds due
- $26,297
- Interest + MI left
- $475,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,621 | $286,621 | $312,621 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,968.11 | $1,968.11 | $2,164.52 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $136.13 | $136.13 | $62.52 |
| Taxes, insurance & HOA | $584.67 | $584.67 | $584.67 |
| Total housing payment | $2,688.91 | $2,953.85 | $2,811.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,378
Closing costs & prepaids$12,142
Usable credit−$0
Total buyer cash needed$29,520
Earnest money paid−$0
Remaining funds due$29,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$848.00
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$54.65
Prepaid interest, second (1 days)$8.46
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 10 moOf the original 30-year loan at 6.960%
Interest already paid$64,389Through Nov 2026
Assumption only · ends Sep 2053$376,265
Assumption + second · ends Sep 2053, second Dec 2056$445,644
New conventional · ends Dec 2056$475,736