Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $105,844
- Funds due
- $116,830
- Interest + MI left
- $345,229
- First ends
- Jan 2055
Assumption
Assumption + second
$2,756/mo
+$547/mo- Down payment
- $37,844
- Funds due
- $50,231
- Interest + MI left
- $474,200
- First ends
- Jan 2055
New loan
New conventional
$2,695/mo
+$486/mo- Down payment
- $37,844
- Funds due
- $46,817
- Interest + MI left
- $492,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,156 | $269,156 | $337,156 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,739.66 | $1,739.66 | $2,284.01 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $126.15 | $126.15 | $67.43 |
| Taxes, insurance & HOA | $343.33 | $343.33 | $343.33 |
| Total housing payment | $2,209.14 | $2,756.28 | $2,694.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,844
Closing costs & prepaids$12,387
Usable credit−$0
Total buyer cash needed$50,231
Earnest money paid−$0
Remaining funds due$50,231
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$129.99
Prepaid interest, first (9 days)$431.39
Prepaid interest, second (9 days)$150.90
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 1 moOf the original 30-year loan at 6.5%
Interest already paid$33,935Through Dec 2026
Assumption only · ends Jan 2055$345,229
Assumption + second · ends Jan 2055, second Jan 2057$474,200
New conventional · ends Jan 2057$492,978