Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,303/mo
Lowest payment- Down payment
- $151,392
- Funds due
- $164,316
- Interest + MI left
- $495,336
- First ends
- Dec 2052
Assumption
Assumption + second
$4,091/mo
+$789/mo- Down payment
- $53,392
- Funds due
- $67,711
- Interest + MI left
- $681,207
- First ends
- Dec 2052
New loan
New conventional
$3,723/mo
+$421/mo- Down payment
- $53,392
- Funds due
- $64,113
- Interest + MI left
- $693,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,608 | $376,608 | $474,608 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,609.79 | $2,609.79 | $3,215.16 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $279.55 | $279.55 | $94.92 |
| Taxes, insurance & HOA | $413.25 | $413.25 | $413.25 |
| Total housing payment | $3,302.60 | $4,091.13 | $3,723.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,392
Closing costs & prepaids$14,319
Usable credit−$0
Total buyer cash needed$67,711
Earnest money paid−$0
Remaining funds due$67,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,280.00
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)$633.50
Initial HOA (3 months)$106.26
Prepaid interest, first (6 days)$429.64
Prepaid interest, second (6 days)$144.99
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 yrOf the original 30-year loan at 6.94%
Interest already paid$107,220Through Dec 2026
Assumption only · ends Dec 2052$495,336
Assumption + second · ends Dec 2052, second Jan 2057$681,207
New conventional · ends Jan 2057$693,955