Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,592/mo
Lowest payment- Down payment
- $48,826
- Funds due
- $59,620
- Interest + MI left
- $381,663
- First ends
- Feb 2053
Assumption
Assumption + second
$2,908/mo
+$316/mo- Down payment
- $17,826
- Funds due
- $29,960
- Interest + MI left
- $464,383
- First ends
- Feb 2053
New loan
New conventional
$2,632/mo
+$41/mo- Down payment
- $17,826
- Funds due
- $26,723
- Interest + MI left
- $476,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,974 | $293,974 | $324,974 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,007.97 | $2,007.97 | $2,201.49 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $217.95 | $217.95 | $64.99 |
| Taxes, insurance & HOA | $365.75 | $365.75 | $365.75 |
| Total housing payment | $2,591.67 | $2,907.56 | $2,632.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,826
Closing costs & prepaids$12,135
Usable credit−$0
Total buyer cash needed$29,960
Earnest money paid−$0
Remaining funds due$29,960
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,428.00
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)$411.25
Initial HOA (3 months)$236.01
Prepaid interest, first (9 days)$493.64
Prepaid interest, second (9 days)$90.77
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 2 moOf the original 30-year loan at 6.81%
Interest already paid$78,649Through Dec 2026
Assumption only · ends Feb 2053$381,663
Assumption + second · ends Feb 2053, second Jan 2057$464,383
New conventional · ends Jan 2057$476,856