Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $278,188
- Funds due
- $289,387
- Interest + MI left
- $186,721
- First ends
- Aug 2053
Assumption
Assumption + second
$3,086/mo
+$1,684/mo- Down payment
- $43,188
- Funds due
- $55,937
- Interest + MI left
- $557,806
- First ends
- Aug 2053
New loan
New conventional
$2,999/mo
+$1,597/mo- Down payment
- $43,188
- Funds due
- $52,441
- Interest + MI left
- $558,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,812 | $146,812 | $381,812 |
| Second mortgage | — | $235,000 | — |
| First P&I | $996.02 | $996.02 | $2,586.53 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $69.95 | $69.95 | $76.36 |
| Taxes, insurance & HOA | $336.50 | $336.50 | $336.50 |
| Total housing payment | $1,402.47 | $3,086.04 | $2,999.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,188
Closing costs & prepaids$12,748
Usable credit−$0
Total buyer cash needed$55,937
Earnest money paid−$0
Remaining funds due$55,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$49.50
Prepaid interest, first (6 days)$164.35
Prepaid interest, second (6 days)$299.38
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 8 moOf the original 30-year loan at 6.81%
Interest already paid$34,027Through Dec 2026
Assumption only · ends Aug 2053$186,721
Assumption + second · ends Aug 2053, second Jan 2057$557,806
New conventional · ends Jan 2057$558,196