Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,205/mo
Lowest payment- Down payment
- $204,256
- Funds due
- $216,667
- Interest + MI left
- $295,020
- First ends
- Sep 2055
Assumption
Assumption + second
$3,387/mo
+$1,181/mo- Down payment
- $43,256
- Funds due
- $57,235
- Interest + MI left
- $559,310
- First ends
- Sep 2055
New loan
New conventional
$3,338/mo
+$1,133/mo- Down payment
- $43,256
- Funds due
- $53,752
- Interest + MI left
- $558,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,744 | $220,744 | $381,744 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,426.68 | $1,426.68 | $2,586.07 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $102.60 | $102.60 | $76.35 |
| Taxes, insurance & HOA | $676.00 | $676.00 | $676.00 |
| Total housing payment | $2,205.28 | $3,386.64 | $3,338.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,256
Closing costs & prepaids$13,979
Usable credit−$0
Total buyer cash needed$57,235
Earnest money paid−$0
Remaining funds due$57,235
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$1,068.00
Prepaid interest, first (9 days)$358.15
Prepaid interest, second (9 days)$317.59
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 closing28 yr 9 moOf the original 30-year loan at 6.58%
Interest already paid$18,294Through Dec 2026
Assumption only · ends Sep 2055$295,020
Assumption + second · ends Sep 2055, second Jan 2057$559,310
New conventional · ends Jan 2057$558,097