Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,993/mo
Lowest payment- Down payment
- $79,868
- Funds due
- $90,144
- Interest + MI left
- $244,975
- First ends
- Apr 2053
Assumption
Assumption + second
$2,387/mo
+$394/mo- Down payment
- $30,868
- Funds due
- $42,406
- Interest + MI left
- $337,910
- First ends
- Apr 2053
New loan
New conventional
$2,401/mo
+$409/mo- Down payment
- $30,868
- Funds due
- $39,053
- Interest + MI left
- $406,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,132 | $219,132 | $268,132 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,395.87 | $1,395.87 | $1,856.49 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $105.35 | $105.35 | $53.63 |
| Taxes, insurance & HOA | $491.33 | $491.33 | $491.33 |
| Total housing payment | $1,992.55 | $2,386.81 | $2,401.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,868
Closing costs & prepaids$11,538
Usable credit−$0
Total buyer cash needed$42,406
Earnest money paid−$0
Remaining funds due$42,406
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$471.00
Initial HOA (3 months)$552.99
Prepaid interest, first (1 days)$36.74
Prepaid interest, second (1 days)$12.08
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 6.120%
Interest already paid$49,301Through Nov 2026
Assumption only · ends Apr 2053$244,975
Assumption + second · ends Apr 2053, second Dec 2056$337,910
New conventional · ends Dec 2056$406,533