Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,298/mo
Lowest payment- Down payment
- $187,934
- Funds due
- $201,939
- Interest + MI left
- $537,688
- First ends
- Jun 2055
Assumption
Assumption + second
$4,230/mo
+$932/mo- Down payment
- $60,934
- Funds due
- $76,440
- Interest + MI left
- $746,166
- First ends
- Jun 2055
New loan
New conventional
$4,216/mo
+$918/mo- Down payment
- $60,934
- Funds due
- $72,824
- Interest + MI left
- $788,094
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,065 | $412,065 | $539,065 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,649.69 | $2,649.69 | $3,651.81 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $192.14 | $192.14 | $107.81 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $3,298.50 | $4,230.38 | $4,216.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,934
Closing costs & prepaids$15,506
Usable credit−$0
Total buyer cash needed$76,440
Earnest money paid−$0
Remaining funds due$76,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$720.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$660.43
Prepaid interest, second (9 days)$250.52
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 6.5%
Interest already paid$40,550Through Dec 2026
Assumption only · ends Jun 2055$537,688
Assumption + second · ends Jun 2055, second Jan 2057$746,166
New conventional · ends Jan 2057$788,094