Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $69,271
- Funds due
- $80,374
- Interest + MI left
- $346,842
- First ends
- Oct 2053
Assumption
Assumption + second
$2,734/mo
+$282/mo- Down payment
- $34,271
- Funds due
- $46,701
- Interest + MI left
- $413,224
- First ends
- Oct 2053
New loan
New conventional
$2,623/mo
+$171/mo- Down payment
- $34,271
- Funds due
- $43,318
- Interest + MI left
- $447,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,728 | $270,728 | $305,728 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,832.67 | $1,832.67 | $2,071.11 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $128.71 | $128.71 | $61.15 |
| Taxes, insurance & HOA | $491.00 | $491.00 | $491.00 |
| Total housing payment | $2,452.39 | $2,734.00 | $2,623.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,271
Closing costs & prepaids$12,430
Usable credit−$0
Total buyer cash needed$46,701
Earnest money paid−$0
Remaining funds due$46,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.99
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)$408.00
Initial HOA (3 months)$615.00
Prepaid interest, first (9 days)$454.60
Prepaid interest, second (9 days)$77.67
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$59,539Through Dec 2026
Assumption only · ends Oct 2053$346,842
Assumption + second · ends Oct 2053, second Jan 2057$413,224
New conventional · ends Jan 2057$447,025