Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,865/mo
Lowest payment- Down payment
- $83,018
- Funds due
- $92,899
- Interest + MI left
- $271,541
- First ends
- Jan 2053
Assumption
Assumption + second
$2,300/mo
+$434/mo- Down payment
- $29,018
- Funds due
- $40,268
- Interest + MI left
- $373,960
- First ends
- Jan 2053
New loan
New conventional
$2,105/mo
+$239/mo- Down payment
- $29,018
- Funds due
- $36,918
- Interest + MI left
- $381,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,982 | $206,982 | $260,982 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,427.36 | $1,427.36 | $1,767.98 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $153.51 | $153.51 | $52.20 |
| Taxes, insurance & HOA | $284.33 | $284.33 | $284.33 |
| Total housing payment | $1,865.21 | $2,299.71 | $2,104.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,018
Closing costs & prepaids$11,250
Usable credit−$0
Total buyer cash needed$40,268
Earnest money paid−$0
Remaining funds due$40,268
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$54.99
Prepaid interest, first (9 days)$352.15
Prepaid interest, second (9 days)$119.84
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 1 moOf the original 30-year loan at 6.9%
Interest already paid$57,341Through Dec 2026
Assumption only · ends Jan 2053$271,541
Assumption + second · ends Jan 2053, second Jan 2057$373,960
New conventional · ends Jan 2057$381,599