Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $83,900
- Funds due
- $94,882
- Interest + MI left
- $268,519
- First ends
- Apr 2053
Assumption
Assumption + second
$2,643/mo
+$418/mo- Down payment
- $31,900
- Funds due
- $44,209
- Interest + MI left
- $367,144
- First ends
- Apr 2053
New loan
New conventional
$2,579/mo
+$355/mo- Down payment
- $31,900
- Funds due
- $40,855
- Interest + MI left
- $413,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,099 | $231,099 | $283,099 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,508.73 | $1,508.73 | $1,917.81 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $111.02 | $111.02 | $56.62 |
| Taxes, insurance & HOA | $605.00 | $605.00 | $605.00 |
| Total housing payment | $2,224.75 | $2,643.15 | $2,579.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,900
Closing costs & prepaids$12,309
Usable credit−$0
Total buyer cash needed$44,209
Earnest money paid−$0
Remaining funds due$44,209
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.99
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)$378.00
Initial HOA (3 months)$987.00
Prepaid interest, first (6 days)$241.61
Prepaid interest, second (6 days)$76.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 4 moOf the original 30-year loan at 6.36%
Interest already paid$55,268Through Dec 2026
Assumption only · ends Apr 2053$268,519
Assumption + second · ends Apr 2053, second Jan 2057$367,144
New conventional · ends Jan 2057$413,938