Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,193/mo
Lowest payment- Down payment
- $82,049
- Funds due
- $94,684
- Interest + MI left
- $476,523
- First ends
- Oct 2053
Assumption
Assumption + second
$3,483/mo
+$290/mo- Down payment
- $46,049
- Funds due
- $60,014
- Interest + MI left
- $544,802
- First ends
- Oct 2053
New loan
New conventional
$3,343/mo
+$150/mo- Down payment
- $46,049
- Funds due
- $56,521
- Interest + MI left
- $596,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,951 | $371,951 | $407,951 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,517.89 | $2,517.89 | $2,763.60 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $176.84 | $176.84 | $81.59 |
| Taxes, insurance & HOA | $498.25 | $498.25 | $498.25 |
| Total housing payment | $3,192.98 | $3,482.65 | $3,343.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,049
Closing costs & prepaids$13,964
Usable credit−$0
Total buyer cash needed$60,014
Earnest money paid−$0
Remaining funds due$60,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$544.75
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$624.57
Prepaid interest, second (9 days)$79.89
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 10 moOf the original 30-year loan at 6.81%
Interest already paid$81,801Through Dec 2026
Assumption only · ends Oct 2053$476,523
Assumption + second · ends Oct 2053, second Jan 2057$544,802
New conventional · ends Jan 2057$596,492