Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,470/mo
Lowest payment- Down payment
- $121,930
- Funds due
- $133,327
- Interest + MI left
- $354,423
- First ends
- Jun 2053
Assumption
Assumption + second
$3,106/mo
+$636/mo- Down payment
- $42,930
- Funds due
- $55,694
- Interest + MI left
- $504,257
- First ends
- Jun 2053
New loan
New conventional
$3,031/mo
+$561/mo- Down payment
- $42,930
- Funds due
- $52,236
- Interest + MI left
- $564,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,070 | $307,070 | $386,070 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,984.36 | $1,984.36 | $2,615.37 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $147.25 | $147.25 | $77.21 |
| Taxes, insurance & HOA | $338.25 | $338.25 | $338.25 |
| Total housing payment | $2,469.86 | $3,105.51 | $3,030.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,930
Closing costs & prepaids$12,764
Usable credit−$0
Total buyer cash needed$55,694
Earnest money paid−$0
Remaining funds due$55,694
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$317.00
Prepaid interest, second (6 days)$116.88
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 6 moOf the original 30-year loan at 6.28%
Interest already paid$69,148Through Dec 2026
Assumption only · ends Jun 2053$354,423
Assumption + second · ends Jun 2053, second Jan 2057$504,257
New conventional · ends Jan 2057$564,498