Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,270/mo
Lowest payment- Down payment
- $45,563
- Funds due
- $56,239
- Interest + MI left
- $353,349
- First ends
- Jan 2056
Assumption
Assumption + second
$2,576/mo
+$306/mo- Down payment
- $15,563
- Funds due
- $27,577
- Interest + MI left
- $433,401
- First ends
- Jan 2056
New loan
New conventional
$2,513/mo
+$242/mo- Down payment
- $15,563
- Funds due
- $24,381
- Interest + MI left
- $432,106
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,437 | $264,437 | $294,437 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,688.68 | $1,688.68 | $1,994.62 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $122.45 | $122.45 | $58.89 |
| Taxes, insurance & HOA | $459.00 | $459.00 | $459.00 |
| Total housing payment | $2,270.13 | $2,575.83 | $2,512.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,563
Closing costs & prepaids$12,014
Usable credit−$0
Total buyer cash needed$27,577
Earnest money paid−$0
Remaining funds due$27,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$423.82
Prepaid interest, second (9 days)$87.84
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 closing29 yr 1 moOf the original 30-year loan at 6.5%
Interest already paid$15,846Through Dec 2026
Assumption only · ends Jan 2056$353,349
Assumption + second · ends Jan 2056, second Jan 2057$433,401
New conventional · ends Jan 2057$432,106