Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,383/mo
Lowest payment- Down payment
- $103,972
- Funds due
- $114,914
- Interest + MI left
- $334,791
- First ends
- Jun 2053
Assumption
Assumption + second
$2,898/mo
+$515/mo- Down payment
- $39,972
- Funds due
- $52,196
- Interest + MI left
- $456,176
- First ends
- Jun 2053
New loan
New conventional
$2,898/mo
+$515/mo- Down payment
- $39,972
- Funds due
- $48,759
- Interest + MI left
- $536,836
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,028 | $290,028 | $354,028 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,868.29 | $1,868.29 | $2,451.22 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $138.93 | $138.93 | $70.81 |
| Taxes, insurance & HOA | $376.00 | $376.00 | $376.00 |
| Total housing payment | $2,383.21 | $2,898.17 | $2,898.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,972
Closing costs & prepaids$12,224
Usable credit−$0
Total buyer cash needed$52,196
Earnest money paid−$0
Remaining funds due$52,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$278.00
Initial HOA (3 months)$399.99
Prepaid interest, first (2 days)$99.48
Prepaid interest, second (2 days)$31.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 6.260%
Interest already paid$63,515Through Nov 2026
Assumption only · ends Jun 2053$334,791
Assumption + second · ends Jun 2053, second Dec 2056$456,176
New conventional · ends Dec 2056$536,836