Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $293,483
- Funds due
- $304,836
- Interest + MI left
- $157,763
- First ends
- Feb 2053
Assumption
Assumption + second
$3,126/mo
+$1,798/mo- Down payment
- $42,483
- Funds due
- $55,566
- Interest + MI left
- $554,113
- First ends
- Feb 2053
New loan
New conventional
$3,006/mo
+$1,678/mo- Down payment
- $42,483
- Funds due
- $52,067
- Interest + MI left
- $544,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,517 | $121,517 | $372,517 |
| Second mortgage | — | $251,000 | — |
| First P&I | $830.01 | $830.01 | $2,523.56 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $90.09 | $90.09 | $74.50 |
| Taxes, insurance & HOA | $408.00 | $408.00 | $408.00 |
| Total housing payment | $1,328.10 | $3,126.30 | $3,006.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,483
Closing costs & prepaids$13,083
Usable credit−$0
Total buyer cash needed$55,566
Earnest money paid−$0
Remaining funds due$55,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$204.05
Prepaid interest, second (9 days)$479.65
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.81%
Interest already paid$32,510Through Dec 2026
Assumption only · ends Feb 2053$157,763
Assumption + second · ends Feb 2053, second Jan 2057$554,113
New conventional · ends Jan 2057$544,607