Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,165/mo
+$155/mo- Down payment
- $196,296
- Funds due
- $207,767
- Interest + MI left
- $103,181
- First ends
- Feb 2037
Assumption
Assumption + second
$4,295/mo
+$1,285/mo- Down payment
- $42,296
- Funds due
- $55,320
- Interest + MI left
- $355,980
- First ends
- Feb 2037
New loan
New conventional
$3,010/mo
Lowest payment- Down payment
- $42,296
- Funds due
- $51,852
- Interest + MI left
- $550,804
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,704 | $222,704 | $376,704 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,502.72 | $2,502.72 | $2,551.92 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $279.60 | $279.60 | $75.34 |
| Taxes, insurance & HOA | $382.25 | $382.25 | $382.25 |
| Total housing payment | $3,164.58 | $4,294.57 | $3,009.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,296
Closing costs & prepaids$13,024
Usable credit−$0
Total buyer cash needed$55,320
Earnest money paid−$0
Remaining funds due$55,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$194.01
Prepaid interest, first (9 days)$358.58
Prepaid interest, second (9 days)$303.78
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 closing10 yr 2 moOf the original 30-year loan at 6.53%
Interest already paid$423,627Through Dec 2026
Assumption only · ends Feb 2037$103,181
Assumption + second · ends Feb 2037, second Jan 2057$355,980
New conventional · ends Jan 2057$550,804