Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
Lowest payment- Down payment
- $74,231
- Funds due
- $85,961
- Interest + MI left
- $344,066
- First ends
- Oct 2053
Assumption
Assumption + second
$3,096/mo
+$330/mo- Down payment
- $33,231
- Funds due
- $46,221
- Interest + MI left
- $421,828
- First ends
- Oct 2053
New loan
New conventional
$2,983/mo
+$217/mo- Down payment
- $33,231
- Funds due
- $42,839
- Interest + MI left
- $450,070
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,769 | $255,769 | $296,769 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,776.08 | $1,776.08 | $2,054.77 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $121.25 | $121.25 | $59.35 |
| Taxes, insurance & HOA | $868.42 | $868.42 | $868.42 |
| Total housing payment | $2,765.75 | $3,095.64 | $2,982.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,231
Closing costs & prepaids$12,990
Usable credit−$0
Total buyer cash needed$46,221
Earnest money paid−$0
Remaining funds due$46,221
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,729.25
Initial HOA (3 months)$426.00
Prepaid interest, first (1 days)$49.68
Prepaid interest, second (1 days)$10.11
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 11 moOf the original 30-year loan at 7.090%
Interest already paid$56,934Through Nov 2026
Assumption only · ends Oct 2053$344,066
Assumption + second · ends Oct 2053, second Dec 2056$421,828
New conventional · ends Dec 2056$450,070