Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,477/mo
Lowest payment- Down payment
- $238,904
- Funds due
- $255,659
- Interest + MI left
- $663,419
- First ends
- Feb 2053
Assumption
Assumption + second
$5,673/mo
+$1,196/mo- Down payment
- $75,904
- Funds due
- $94,230
- Interest + MI left
- $930,992
- First ends
- Feb 2053
New loan
New conventional
$5,308/mo
+$832/mo- Down payment
- $75,904
- Funds due
- $90,435
- Interest + MI left
- $985,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $510,996 | $510,996 | $673,996 |
| Second mortgage | — | $163,000 | — |
| First P&I | $3,490.33 | $3,490.33 | $4,565.88 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $378.85 | $378.85 | $134.80 |
| Taxes, insurance & HOA | $607.67 | $607.67 | $607.67 |
| Total housing payment | $4,476.84 | $5,672.88 | $5,308.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,904
Closing costs & prepaids$18,327
Usable credit−$0
Total buyer cash needed$94,230
Earnest money paid−$0
Remaining funds due$94,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$900.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$858.05
Prepaid interest, second (9 days)$321.53
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$136,710Through Dec 2026
Assumption only · ends Feb 2053$663,419
Assumption + second · ends Feb 2053, second Jan 2057$930,992
New conventional · ends Jan 2057$985,494