Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,798/mo
Lowest payment- Down payment
- $123,099
- Funds due
- $135,416
- Interest + MI left
- $396,209
- First ends
- Jan 2053
Assumption
Assumption + second
$3,418/mo
+$620/mo- Down payment
- $46,099
- Funds due
- $59,837
- Interest + MI left
- $542,250
- First ends
- Jan 2053
New loan
New conventional
$3,287/mo
+$489/mo- Down payment
- $46,099
- Funds due
- $56,348
- Interest + MI left
- $605,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,901 | $336,901 | $413,901 |
| Second mortgage | — | $77,000 | — |
| First P&I | $2,237.37 | $2,237.37 | $2,803.91 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $160.43 | $160.43 | $82.78 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $2,798.46 | $3,418.02 | $3,287.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,099
Closing costs & prepaids$13,738
Usable credit−$0
Total buyer cash needed$59,837
Earnest money paid−$0
Remaining funds due$59,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$539.96
Prepaid interest, second (9 days)$170.88
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 29-year loan at 6.5%
Interest already paid$65,189Through Dec 2026
Assumption only · ends Jan 2053$396,209
Assumption + second · ends Jan 2053, second Jan 2057$542,250
New conventional · ends Jan 2057$605,192