Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,945/mo
Lowest payment- Down payment
- $220,411
- Funds due
- $233,763
- Interest + MI left
- $428,473
- First ends
- Jan 2053
Assumption
Assumption + second
$4,155/mo
+$1,211/mo- Down payment
- $55,411
- Funds due
- $70,339
- Interest + MI left
- $699,330
- First ends
- Jan 2053
New loan
New conventional
$3,875/mo
+$931/mo- Down payment
- $55,411
- Funds due
- $66,722
- Interest + MI left
- $717,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,589 | $325,589 | $490,589 |
| Second mortgage | — | $165,000 | — |
| First P&I | $2,249.48 | $2,249.48 | $3,323.42 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $241.44 | $241.44 | $98.12 |
| Taxes, insurance & HOA | $453.75 | $453.75 | $453.75 |
| Total housing payment | $2,944.68 | $4,155.39 | $3,875.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,411
Closing costs & prepaids$14,927
Usable credit−$0
Total buyer cash needed$70,339
Earnest money paid−$0
Remaining funds due$70,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,460.00
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)$655.25
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$555.55
Prepaid interest, second (9 days)$325.48
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 1 moOf the original 30-year loan at 6.92%
Interest already paid$90,452Through Dec 2026
Assumption only · ends Jan 2053$428,473
Assumption + second · ends Jan 2053, second Jan 2057$699,330
New conventional · ends Jan 2057$717,322