Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,766/mo
Lowest payment- Down payment
- $224,810
- Funds due
- $238,092
- Interest + MI left
- $412,456
- First ends
- Oct 2053
Assumption
Assumption + second
$4,013/mo
+$1,247/mo- Down payment
- $54,810
- Funds due
- $69,677
- Interest + MI left
- $691,520
- First ends
- Oct 2053
New loan
New conventional
$3,836/mo
+$1,070/mo- Down payment
- $54,810
- Funds due
- $66,062
- Interest + MI left
- $707,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,190 | $314,190 | $484,190 |
| Second mortgage | — | $170,000 | — |
| First P&I | $2,157.41 | $2,157.41 | $3,280.07 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $149.23 | $149.23 | $96.84 |
| Taxes, insurance & HOA | $459.25 | $459.25 | $459.25 |
| Total housing payment | $2,765.89 | $4,013.29 | $3,836.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,810
Closing costs & prepaids$14,867
Usable credit−$0
Total buyer cash needed$69,677
Earnest money paid−$0
Remaining funds due$69,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$539.20
Prepaid interest, second (9 days)$335.34
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 6.96%
Interest already paid$70,583Through Dec 2026
Assumption only · ends Oct 2053$412,456
Assumption + second · ends Oct 2053, second Jan 2057$691,520
New conventional · ends Jan 2057$707,869