Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,054/mo
Lowest payment- Down payment
- $176,156
- Funds due
- $186,455
- Interest + MI left
- $62,536
- First ends
- Jul 2055
Assumption
Assumption + second
$2,140/mo
+$1,086/mo- Down payment
- $28,156
- Funds due
- $39,997
- Interest + MI left
- $305,485
- First ends
- Jul 2055
New loan
New conventional
$2,287/mo
+$1,232/mo- Down payment
- $28,156
- Funds due
- $36,731
- Interest + MI left
- $360,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,844 | $98,844 | $246,844 |
| Second mortgage | — | $148,000 | — |
| First P&I | $442.82 | $442.82 | $1,672.21 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $46.64 | $46.64 | $49.37 |
| Taxes, insurance & HOA | $565.00 | $565.00 | $565.00 |
| Total housing payment | $1,054.46 | $2,140.43 | $2,286.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,156
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$39,997
Earnest money paid−$0
Remaining funds due$39,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$915.00
Prepaid interest, first (9 days)$79.21
Prepaid interest, second (9 days)$291.95
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 7 moOf the original 30-year loan at 3.25%
Interest already paid$4,622Through Dec 2026
Assumption only · ends Jul 2055$62,536
Assumption + second · ends Jul 2055, second Jan 2057$305,485
New conventional · ends Jan 2057$360,877