Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $44,571
- Funds due
- $55,041
- Interest + MI left
- $325,507
- First ends
- Apr 2053
Assumption
Assumption + second
$2,585/mo
+$285/mo- Down payment
- $16,571
- Funds due
- $28,373
- Interest + MI left
- $400,222
- First ends
- Apr 2053
New loan
New conventional
$2,465/mo
+$165/mo- Down payment
- $16,571
- Funds due
- $25,172
- Interest + MI left
- $443,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,429 | $274,429 | $302,429 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,812.42 | $1,812.42 | $2,048.76 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $131.70 | $131.70 | $60.49 |
| Taxes, insurance & HOA | $355.58 | $355.58 | $355.58 |
| Total housing payment | $2,299.70 | $2,585.02 | $2,464.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,571
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$28,373
Earnest money paid−$0
Remaining funds due$28,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$438.49
Prepaid interest, second (9 days)$81.99
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 6.48%
Interest already paid$66,834Through Dec 2026
Assumption only · ends Apr 2053$325,507
Assumption + second · ends Apr 2053, second Jan 2057$400,222
New conventional · ends Jan 2057$443,774