Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,173/mo
Lowest payment- Down payment
- $68,927
- Funds due
- $79,909
- Interest + MI left
- $230,316
- First ends
- May 2053
Assumption
Assumption + second
$2,503/mo
+$330/mo- Down payment
- $27,927
- Funds due
- $40,209
- Interest + MI left
- $308,078
- First ends
- May 2053
New loan
New conventional
$2,466/mo
+$293/mo- Down payment
- $27,927
- Funds due
- $36,895
- Interest + MI left
- $353,708
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,973 | $200,973 | $241,973 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,297.81 | $1,297.81 | $1,639.21 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $96.51 | $96.51 | $48.39 |
| Taxes, insurance & HOA | $778.42 | $778.42 | $778.42 |
| Total housing payment | $2,172.73 | $2,502.62 | $2,466.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,927
Closing costs & prepaids$12,282
Usable credit−$0
Total buyer cash needed$40,209
Earnest money paid−$0
Remaining funds due$40,209
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$688.25
Initial HOA (3 months)$1,197.00
Prepaid interest, first (5 days)$172.34
Prepaid interest, second (5 days)$50.55
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 5 moOf the original 30-year loan at 6.26%
Interest already paid$46,222Through Dec 2026
Assumption only · ends May 2053$230,316
Assumption + second · ends May 2053, second Jan 2057$308,078
New conventional · ends Jan 2057$353,708