Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $98,964
- Funds due
- $110,715
- Interest + MI left
- $372,823
- First ends
- Apr 2053
Assumption
Assumption + second
$3,125/mo
+$451/mo- Down payment
- $42,964
- Funds due
- $56,090
- Interest + MI left
- $479,035
- First ends
- Apr 2053
New loan
New conventional
$3,072/mo
+$398/mo- Down payment
- $42,964
- Funds due
- $52,659
- Interest + MI left
- $558,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,936 | $325,936 | $381,936 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,109.43 | $2,109.43 | $2,587.37 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $156.69 | $156.69 | $76.39 |
| Taxes, insurance & HOA | $408.00 | $408.00 | $408.00 |
| Total housing payment | $2,674.12 | $3,124.71 | $3,071.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,964
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$56,090
Earnest money paid−$0
Remaining funds due$56,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.00
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)$264.00
Prepaid interest, first (9 days)$503.91
Prepaid interest, second (9 days)$124.27
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 4 moOf the original 30-year loan at 6.27%
Interest already paid$76,876Through Dec 2026
Assumption only · ends Apr 2053$372,823
Assumption + second · ends Apr 2053, second Jan 2057$479,035
New conventional · ends Jan 2057$558,454