Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $81,263
- Funds due
- $91,232
- Interest + MI left
- $277,944
- First ends
- Nov 2053
Assumption
Assumption + second
$2,269/mo
+$418/mo- Down payment
- $29,263
- Funds due
- $40,598
- Interest + MI left
- $376,570
- First ends
- Nov 2053
New loan
New conventional
$2,118/mo
+$267/mo- Down payment
- $29,263
- Funds due
- $37,235
- Interest + MI left
- $376,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,637 | $205,637 | $257,637 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,431.99 | $1,431.99 | $1,745.32 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $97.47 | $97.47 | $51.53 |
| Taxes, insurance & HOA | $321.42 | $321.42 | $321.42 |
| Total housing payment | $1,850.88 | $2,269.28 | $2,118.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,263
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$40,598
Earnest money paid−$0
Remaining funds due$40,598
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,869.00
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)$344.25
Initial HOA (3 months)$170.01
Prepaid interest, first (9 days)$361.02
Prepaid interest, second (9 days)$115.40
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 11 moOf the original 30-year loan at 7.12%
Interest already paid$45,964Through Dec 2026
Assumption only · ends Nov 2053$277,944
Assumption + second · ends Nov 2053, second Jan 2057$376,570
New conventional · ends Jan 2057$376,656