Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,556/mo
Lowest payment- Down payment
- $45,252
- Funds due
- $56,139
- Interest + MI left
- $347,292
- First ends
- Dec 2052
Assumption
Assumption + second
$2,831/mo
+$275/mo- Down payment
- $18,252
- Funds due
- $30,468
- Interest + MI left
- $419,339
- First ends
- Dec 2052
New loan
New conventional
$2,690/mo
+$134/mo- Down payment
- $18,252
- Funds due
- $27,284
- Interest + MI left
- $483,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,248 | $302,248 | $329,248 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,935.87 | $1,935.87 | $2,230.44 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $226.04 | $226.04 | $65.85 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $2,555.91 | $2,831.04 | $2,690.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,252
Closing costs & prepaids$12,216
Usable credit−$0
Total buyer cash needed$30,468
Earnest money paid−$0
Remaining funds due$30,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,475.00
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)$417.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$455.36
Prepaid interest, second (9 days)$79.06
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 yrOf the original 30-year loan at 6.11%
Interest already paid$76,057Through Dec 2026
Assumption only · ends Dec 2052$347,292
Assumption + second · ends Dec 2052, second Jan 2057$419,339
New conventional · ends Jan 2057$483,127