Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $87,478
- Funds due
- $98,131
- Interest + MI left
- $288,237
- First ends
- Mar 2053
Assumption
Assumption + second
$2,584/mo
+$434/mo- Down payment
- $33,478
- Funds due
- $45,501
- Interest + MI left
- $390,655
- First ends
- Mar 2053
New loan
New conventional
$2,466/mo
+$316/mo- Down payment
- $33,478
- Funds due
- $42,146
- Interest + MI left
- $432,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,522 | $241,522 | $295,522 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,565.06 | $1,565.06 | $2,001.97 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $179.67 | $179.67 | $59.10 |
| Taxes, insurance & HOA | $404.91 | $404.91 | $404.91 |
| Total housing payment | $2,149.64 | $2,584.14 | $2,465.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,478
Closing costs & prepaids$12,023
Usable credit−$0
Total buyer cash needed$45,501
Earnest money paid−$0
Remaining funds due$45,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Initial HOA (3 months)$369.99
Prepaid interest, first (9 days)$373.40
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 3 moOf the original 30-year loan at 6.27%
Interest already paid$58,301Through Dec 2026
Assumption only · ends Mar 2053$288,237
Assumption + second · ends Mar 2053, second Jan 2057$390,655
New conventional · ends Jan 2057$432,043