Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$416/mo
Lowest payment- Down payment
- $304,794
- Funds due
- $314,762
- Interest + MI left
- $12,627
- First ends
- May 2053
Assumption
Assumption + second
$2,371/mo
+$1,956/mo- Down payment
- $31,794
- Funds due
- $43,533
- Interest + MI left
- $443,717
- First ends
- May 2053
New loan
New conventional
$2,317/mo
+$1,902/mo- Down payment
- $31,794
- Funds due
- $40,128
- Interest + MI left
- $414,094
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $10,206 | $10,206 | $283,206 |
| Second mortgage | — | $273,000 | — |
| First P&I | $68.88 | $68.88 | $1,918.54 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $4.77 | $4.77 | $56.64 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $415.66 | $2,371.46 | $2,317.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,794
Closing costs & prepaids$11,740
Usable credit−$0
Total buyer cash needed$43,533
Earnest money paid−$0
Remaining funds due$43,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$16.91
Prepaid interest, second (9 days)$521.69
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 5 moOf the original 28-year loan at 6.72%
Interest already paid$1,098Through Dec 2026
Assumption only · ends May 2053$12,627
Assumption + second · ends May 2053, second Jan 2057$443,717
New conventional · ends Jan 2057$414,094