Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $53,756
- Funds due
- $63,133
- Interest + MI left
- $234,700
- First ends
- Sep 2053
Assumption
Assumption + second
$1,949/mo
+$233/mo- Down payment
- $24,756
- Funds due
- $35,397
- Interest + MI left
- $289,703
- First ends
- Sep 2053
New loan
New conventional
$1,911/mo
+$196/mo- Down payment
- $24,756
- Funds due
- $32,104
- Interest + MI left
- $326,346
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,244 | $186,244 | $215,244 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,248.77 | $1,248.77 | $1,490.31 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $88.61 | $88.61 | $43.05 |
| Taxes, insurance & HOA | $377.83 | $377.83 | $377.83 |
| Total housing payment | $1,715.20 | $1,948.54 | $1,911.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,756
Closing costs & prepaids$10,641
Usable credit−$0
Total buyer cash needed$35,397
Earnest money paid−$0
Remaining funds due$35,397
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$639.75
Initial HOA (3 months)$43.74
Prepaid interest, first (2 days)$68.48
Prepaid interest, second (2 days)$14.30
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 10 moOf the original 30-year loan at 6.710%
Interest already paid$40,372Through Nov 2026
Assumption only · ends Sep 2053$234,700
Assumption + second · ends Sep 2053, second Dec 2056$289,703
New conventional · ends Dec 2056$326,346