Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $125,164
- Funds due
- $134,913
- Interest + MI left
- $208,687
- First ends
- Nov 2054
Assumption
Assumption + second
$2,184/mo
+$772/mo- Down payment
- $29,164
- Funds due
- $40,376
- Interest + MI left
- $390,764
- First ends
- Nov 2054
New loan
New conventional
$2,086/mo
+$674/mo- Down payment
- $29,164
- Funds due
- $37,018
- Interest + MI left
- $379,923
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,836 | $163,836 | $259,836 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,061.16 | $1,061.16 | $1,760.22 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $76.95 | $76.95 | $51.97 |
| Taxes, insurance & HOA | $273.58 | $273.58 | $273.58 |
| Total housing payment | $1,411.69 | $2,184.13 | $2,085.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,164
Closing costs & prepaids$11,211
Usable credit−$0
Total buyer cash needed$40,376
Earnest money paid−$0
Remaining funds due$40,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,890.00
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)$346.75
Initial HOA (3 months)$24.00
Prepaid interest, first (9 days)$262.59
Prepaid interest, second (9 days)$213.04
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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$22,478Through Dec 2026
Assumption only · ends Nov 2054$208,687
Assumption + second · ends Nov 2054, second Jan 2057$390,764
New conventional · ends Jan 2057$379,923