Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,813/mo
Lowest payment- Down payment
- $172,266
- Funds due
- $185,079
- Interest + MI left
- $394,123
- First ends
- Oct 2053
Assumption
Assumption + second
$3,722/mo
+$910/mo- Down payment
- $48,266
- Funds due
- $62,464
- Interest + MI left
- $597,676
- First ends
- Oct 2053
New loan
New conventional
$3,594/mo
+$782/mo- Down payment
- $48,266
- Funds due
- $58,933
- Interest + MI left
- $631,120
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,634 | $307,634 | $431,634 |
| Second mortgage | — | $124,000 | — |
| First P&I | $2,082.50 | $2,082.50 | $2,924.04 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | $146.26 | $146.26 | $86.33 |
| Taxes, insurance & HOA | $583.75 | $583.75 | $583.75 |
| Total housing payment | $2,812.52 | $3,722.39 | $3,594.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,266
Closing costs & prepaids$14,198
Usable credit−$0
Total buyer cash needed$62,464
Earnest money paid−$0
Remaining funds due$62,464
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$1,223.75
Initial HOA (3 months)$27.51
Prepaid interest, first (5 days)$286.98
Prepaid interest, second (5 days)$135.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.81%
Interest already paid$67,656Through Dec 2026
Assumption only · ends Oct 2053$394,123
Assumption + second · ends Oct 2053, second Jan 2057$597,676
New conventional · ends Jan 2057$631,120