Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
Lowest payment- Down payment
- $204,085
- Funds due
- $217,636
- Interest + MI left
- $414,702
- First ends
- Dec 2052
Assumption
Assumption + second
$4,121/mo
+$1,079/mo- Down payment
- $57,085
- Funds due
- $72,176
- Interest + MI left
- $656,010
- First ends
- Dec 2052
New loan
New conventional
$4,003/mo
+$961/mo- Down payment
- $57,085
- Funds due
- $68,620
- Interest + MI left
- $742,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,915 | $360,915 | $507,915 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,311.62 | $2,311.62 | $3,440.79 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $269.91 | $269.91 | $101.58 |
| Taxes, insurance & HOA | $460.67 | $460.67 | $460.67 |
| Total housing payment | $3,042.20 | $4,120.84 | $4,003.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,085
Closing costs & prepaids$15,091
Usable credit−$0
Total buyer cash needed$72,176
Earnest money paid−$0
Remaining funds due$72,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$543.75
Prepaid interest, second (9 days)$289.97
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 closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$90,820Through Dec 2026
Assumption only · ends Dec 2052$414,702
Assumption + second · ends Dec 2052, second Jan 2057$656,010
New conventional · ends Jan 2057$742,656