Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,676/mo
Lowest payment- Down payment
- $264,654
- Funds due
- $278,148
- Interest + MI left
- $378,357
- First ends
- Jun 2053
Assumption
Assumption + second
$4,158/mo
+$1,483/mo- Down payment
- $57,654
- Funds due
- $72,706
- Interest + MI left
- $705,227
- First ends
- Jun 2053
New loan
New conventional
$4,067/mo
+$1,391/mo- Down payment
- $57,654
- Funds due
- $69,091
- Interest + MI left
- $756,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,296 | $310,296 | $517,296 |
| Second mortgage | — | $207,000 | — |
| First P&I | $2,068.10 | $2,068.10 | $3,504.34 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $148.42 | $148.42 | $103.46 |
| Taxes, insurance & HOA | $459.00 | $459.00 | $459.00 |
| Total housing payment | $2,675.51 | $4,158.49 | $4,066.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,654
Closing costs & prepaids$15,052
Usable credit−$0
Total buyer cash needed$72,706
Earnest money paid−$0
Remaining funds due$72,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,749.50
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)$690.00
Initial HOA (3 months)$186.99
Prepaid interest, first (7 days)$392.76
Prepaid interest, second (7 days)$307.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 6.6%
Interest already paid$73,337Through Dec 2026
Assumption only · ends Jun 2053$378,357
Assumption + second · ends Jun 2053, second Jan 2057$705,227
New conventional · ends Jan 2057$756,372