Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,530/mo
Lowest payment- Down payment
- $58,858
- Funds due
- $69,397
- Interest + MI left
- $286,930
- First ends
- Oct 2049
Assumption
Assumption + second
$2,732/mo
+$201/mo- Down payment
- $33,858
- Funds due
- $45,660
- Interest + MI left
- $334,346
- First ends
- Oct 2049
New loan
New conventional
$2,564/mo
+$34/mo- Down payment
- $33,858
- Funds due
- $42,279
- Interest + MI left
- $449,001
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,142 | $271,142 | $296,142 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,945.04 | $1,945.04 | $2,050.43 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $130.58 | $130.58 | $59.23 |
| Taxes, insurance & HOA | $454.75 | $454.75 | $454.75 |
| Total housing payment | $2,530.37 | $2,731.53 | $2,564.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,858
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$45,660
Earnest money paid−$0
Remaining funds due$45,660
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)$814.25
Initial HOA (3 months)$99.99
Prepaid interest, first (2 days)$100.73
Prepaid interest, second (2 days)$12.33
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 closing22 yr 11 moOf the original 26-year loan at 6.780%
Interest already paid$58,209Through Nov 2026
Assumption only · ends Oct 2049$286,930
Assumption + second · ends Oct 2049, second Dec 2056$334,346
New conventional · ends Dec 2056$449,001