Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $63,778
- Funds due
- $73,763
- Interest + MI left
- $279,794
- First ends
- Jan 2055
Assumption
Assumption + second
$2,150/mo
+$290/mo- Down payment
- $27,778
- Funds due
- $39,092
- Interest + MI left
- $348,073
- First ends
- Jan 2055
New loan
New conventional
$2,095/mo
+$234/mo- Down payment
- $27,778
- Funds due
- $35,774
- Interest + MI left
- $361,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,222 | $211,222 | $247,222 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,391.22 | $1,391.22 | $1,674.77 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $98.92 | $98.92 | $49.44 |
| Taxes, insurance & HOA | $370.33 | $370.33 | $370.33 |
| Total housing payment | $1,860.47 | $2,150.13 | $2,094.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,778
Closing costs & prepaids$11,314
Usable credit−$0
Total buyer cash needed$39,092
Earnest money paid−$0
Remaining funds due$39,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Initial HOA (3 months)$330.99
Prepaid interest, first (9 days)$348.43
Prepaid interest, second (9 days)$79.89
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 1 moOf the original 30-year loan at 6.69%
Interest already paid$27,398Through Dec 2026
Assumption only · ends Jan 2055$279,794
Assumption + second · ends Jan 2055, second Jan 2057$348,073
New conventional · ends Jan 2057$361,479