Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,586/mo
Lowest payment- Down payment
- $91,508
- Funds due
- $102,886
- Interest + MI left
- $354,352
- First ends
- Dec 2052
Assumption
Assumption + second
$2,996/mo
+$410/mo- Down payment
- $40,508
- Funds due
- $53,250
- Interest + MI left
- $451,081
- First ends
- Dec 2052
New loan
New conventional
$2,887/mo
+$301/mo- Down payment
- $40,508
- Funds due
- $49,853
- Interest + MI left
- $525,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,392 | $308,392 | $359,392 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,975.22 | $1,975.22 | $2,434.65 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $230.63 | $230.63 | $71.88 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,585.86 | $2,996.21 | $2,886.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,508
Closing costs & prepaids$12,742
Usable credit−$0
Total buyer cash needed$53,250
Earnest money paid−$0
Remaining funds due$53,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$464.62
Prepaid interest, second (9 days)$113.18
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$77,603Through Dec 2026
Assumption only · ends Dec 2052$354,352
Assumption + second · ends Dec 2052, second Jan 2057$451,081
New conventional · ends Jan 2057$525,491