Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,327/mo
Lowest payment- Down payment
- $73,156
- Funds due
- $84,061
- Interest + MI left
- $309,812
- First ends
- Sep 2053
Assumption
Assumption + second
$2,657/mo
+$330/mo- Down payment
- $32,156
- Funds due
- $44,372
- Interest + MI left
- $387,575
- First ends
- Sep 2053
New loan
New conventional
$2,560/mo
+$233/mo- Down payment
- $32,156
- Funds due
- $41,007
- Interest + MI left
- $420,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,744 | $246,744 | $287,744 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,656.26 | $1,656.26 | $1,949.28 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $117.52 | $117.52 | $57.55 |
| Taxes, insurance & HOA | $553.00 | $553.00 | $553.00 |
| Total housing payment | $2,326.78 | $2,656.67 | $2,559.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,156
Closing costs & prepaids$12,216
Usable credit−$0
Total buyer cash needed$44,372
Earnest money paid−$0
Remaining funds due$44,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$825.00
Prepaid interest, first (6 days)$272.16
Prepaid interest, second (6 days)$60.66
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 9 moOf the original 30-year loan at 6.71%
Interest already paid$54,928Through Dec 2026
Assumption only · ends Sep 2053$309,812
Assumption + second · ends Sep 2053, second Jan 2057$387,575
New conventional · ends Jan 2057$420,729