Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,050/mo
Lowest payment- Down payment
- $112,484
- Funds due
- $123,276
- Interest + MI left
- $277,402
- First ends
- Apr 2053
Assumption
Assumption + second
$2,662/mo
+$612/mo- Down payment
- $36,484
- Funds due
- $48,695
- Interest + MI left
- $421,547
- First ends
- Apr 2053
New loan
New conventional
$2,585/mo
+$535/mo- Down payment
- $36,484
- Funds due
- $45,300
- Interest + MI left
- $465,659
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,516 | $242,516 | $318,516 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,569.54 | $1,569.54 | $2,157.74 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $116.59 | $116.59 | $63.70 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $2,050.13 | $2,661.64 | $2,585.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,484
Closing costs & prepaids$12,211
Usable credit−$0
Total buyer cash needed$48,695
Earnest money paid−$0
Remaining funds due$48,695
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$216.00
Prepaid interest, first (9 days)$374.94
Prepaid interest, second (9 days)$168.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.27%
Interest already paid$57,201Through Dec 2026
Assumption only · ends Apr 2053$277,402
Assumption + second · ends Apr 2053, second Jan 2057$421,547
New conventional · ends Jan 2057$465,659