Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $50,104
- Funds due
- $59,751
- Interest + MI left
- $203,029
- First ends
- Jun 2055
Assumption
Assumption + second
$1,838/mo
+$241/mo- Down payment
- $20,104
- Funds due
- $31,067
- Interest + MI left
- $259,928
- First ends
- Jun 2055
New loan
New conventional
$1,792/mo
+$196/mo- Down payment
- $20,104
- Funds due
- $27,818
- Interest + MI left
- $261,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,896 | $148,896 | $178,896 |
| Second mortgage | — | $30,000 | — |
| First P&I | $982.68 | $982.68 | $1,211.90 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $69.37 | $69.37 | $35.78 |
| Taxes, insurance & HOA | $544.58 | $544.58 | $544.58 |
| Total housing payment | $1,596.63 | $1,838.02 | $1,792.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,104
Closing costs & prepaids$10,964
Usable credit−$0
Total buyer cash needed$31,067
Earnest money paid−$0
Remaining funds due$31,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,990.00
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)$238.75
Initial HOA (3 months)$945.00
Prepaid interest, first (9 days)$248.19
Prepaid interest, second (9 days)$66.58
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$15,232Through Dec 2026
Assumption only · ends Jun 2055$203,029
Assumption + second · ends Jun 2055, second Jan 2057$259,928
New conventional · ends Jan 2057$261,576