Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $79,010
- Funds due
- $88,683
- Interest + MI left
- $174,203
- First ends
- Aug 2053
Assumption
Assumption + second
$1,947/mo
+$451/mo- Down payment
- $23,010
- Funds due
- $34,057
- Interest + MI left
- $280,415
- First ends
- Aug 2053
New loan
New conventional
$1,881/mo
+$384/mo- Down payment
- $23,010
- Funds due
- $30,778
- Interest + MI left
- $295,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,989 | $145,989 | $201,989 |
| Second mortgage | — | $56,000 | — |
| First P&I | $954.96 | $954.96 | $1,368.34 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $69.75 | $69.75 | $40.40 |
| Taxes, insurance & HOA | $472.00 | $472.00 | $472.00 |
| Total housing payment | $1,496.72 | $1,947.30 | $1,880.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,010
Closing costs & prepaids$11,047
Usable credit−$0
Total buyer cash needed$34,057
Earnest money paid−$0
Remaining funds due$34,057
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.99
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)$270.00
Initial HOA (3 months)$696.00
Prepaid interest, first (9 days)$231.46
Prepaid interest, second (9 days)$124.27
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 8 moOf the original 30-year loan at 6.43%
Interest already paid$31,995Through Dec 2026
Assumption only · ends Aug 2053$174,203
Assumption + second · ends Aug 2053, second Jan 2057$280,415
New conventional · ends Jan 2057$295,301