Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,462/mo
Lowest payment- Down payment
- $121,449
- Funds due
- $132,903
- Interest + MI left
- $372,234
- First ends
- Oct 2053
Assumption
Assumption + second
$3,106/mo
+$644/mo- Down payment
- $41,449
- Funds due
- $54,331
- Interest + MI left
- $523,966
- First ends
- Oct 2053
New loan
New conventional
$2,916/mo
+$454/mo- Down payment
- $41,449
- Funds due
- $50,845
- Interest + MI left
- $531,499
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,551 | $283,551 | $363,551 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,947.02 | $1,947.02 | $2,462.82 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $134.68 | $134.68 | $72.71 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $2,462.37 | $3,106.07 | $2,916.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,449
Closing costs & prepaids$12,881
Usable credit−$0
Total buyer cash needed$54,331
Earnest money paid−$0
Remaining funds due$54,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$486.62
Prepaid interest, second (9 days)$177.53
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 10 moOf the original 30-year loan at 6.96%
Interest already paid$63,700Through Dec 2026
Assumption only · ends Oct 2053$372,234
Assumption + second · ends Oct 2053, second Jan 2057$523,966
New conventional · ends Jan 2057$531,499