Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,112/mo
Lowest payment- Down payment
- $267,740
- Funds due
- $282,248
- Interest + MI left
- $513,995
- First ends
- Nov 2055
Assumption
Assumption + second
$4,559/mo
+$1,447/mo- Down payment
- $65,740
- Funds due
- $81,884
- Interest + MI left
- $832,970
- First ends
- Nov 2055
New loan
New conventional
$4,564/mo
+$1,452/mo- Down payment
- $65,740
- Funds due
- $78,213
- Interest + MI left
- $861,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,260 | $387,260 | $589,260 |
| Second mortgage | — | $202,000 | — |
| First P&I | $2,477.83 | $2,477.83 | $3,991.85 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $179.68 | $179.68 | $117.85 |
| Taxes, insurance & HOA | $454.17 | $454.17 | $454.17 |
| Total housing payment | $3,111.68 | $4,558.83 | $4,563.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,740
Closing costs & prepaids$16,144
Usable credit−$0
Total buyer cash needed$81,884
Earnest money paid−$0
Remaining funds due$81,884
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$786.00
Initial HOA (3 months)$76.50
Prepaid interest, first (9 days)$620.68
Prepaid interest, second (9 days)$386.01
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$27,452Through Dec 2026
Assumption only · ends Nov 2055$513,995
Assumption + second · ends Nov 2055, second Jan 2057$832,970
New conventional · ends Jan 2057$861,596