Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
Lowest payment- Down payment
- $98,793
- Funds due
- $110,200
- Interest + MI left
- $402,475
- First ends
- Jan 2056
Assumption
Assumption + second
$2,913/mo
+$467/mo- Down payment
- $40,793
- Funds due
- $53,579
- Interest + MI left
- $512,480
- First ends
- Jan 2056
New loan
New conventional
$2,888/mo
+$442/mo- Down payment
- $40,793
- Funds due
- $50,145
- Interest + MI left
- $525,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,202 | $301,202 | $359,202 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,923.45 | $1,923.45 | $2,433.36 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $139.48 | $139.48 | $71.84 |
| Taxes, insurance & HOA | $383.00 | $383.00 | $383.00 |
| Total housing payment | $2,445.93 | $2,912.61 | $2,888.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,793
Closing costs & prepaids$12,785
Usable credit−$0
Total buyer cash needed$53,579
Earnest money paid−$0
Remaining funds due$53,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.95
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)$480.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$482.75
Prepaid interest, second (9 days)$128.71
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$18,049Through Dec 2026
Assumption only · ends Jan 2056$402,475
Assumption + second · ends Jan 2056, second Jan 2057$512,480
New conventional · ends Jan 2057$525,141