Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $95,365
- Funds due
- $105,160
- Interest + MI left
- $242,394
- First ends
- Dec 2054
Assumption
Assumption + second
$2,136/mo
+$531/mo- Down payment
- $29,365
- Funds due
- $40,556
- Interest + MI left
- $367,572
- First ends
- Dec 2054
New loan
New conventional
$2,072/mo
+$467/mo- Down payment
- $29,365
- Funds due
- $37,215
- Interest + MI left
- $373,730
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,635 | $189,635 | $255,635 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,226.97 | $1,226.97 | $1,731.76 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $88.97 | $88.97 | $51.13 |
| Taxes, insurance & HOA | $288.67 | $288.67 | $288.67 |
| Total housing payment | $1,604.61 | $2,135.66 | $2,071.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,365
Closing costs & prepaids$11,191
Usable credit−$0
Total buyer cash needed$40,556
Earnest money paid−$0
Remaining funds due$40,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$74.01
Prepaid interest, first (9 days)$303.94
Prepaid interest, second (9 days)$146.47
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 yrOf the original 30-year loan at 6.5%
Interest already paid$24,963Through Dec 2026
Assumption only · ends Dec 2054$242,394
Assumption + second · ends Dec 2054, second Jan 2057$367,572
New conventional · ends Jan 2057$373,730