Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,279/mo
Lowest payment- Down payment
- $133,842
- Funds due
- $145,200
- Interest + MI left
- $342,763
- First ends
- Apr 2054
Assumption
Assumption + second
$3,028/mo
+$748/mo- Down payment
- $40,842
- Funds due
- $53,657
- Interest + MI left
- $519,151
- First ends
- Apr 2054
New loan
New conventional
$2,904/mo
+$624/mo- Down payment
- $40,842
- Funds due
- $50,195
- Interest + MI left
- $532,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,158 | $271,158 | $364,158 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,787.04 | $1,787.04 | $2,466.93 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $128.25 | $128.25 | $72.83 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $2,279.29 | $3,027.59 | $2,903.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,842
Closing costs & prepaids$12,815
Usable credit−$0
Total buyer cash needed$53,657
Earnest money paid−$0
Remaining funds due$53,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$441.28
Prepaid interest, second (9 days)$206.38
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 closing27 yr 4 moOf the original 30-year loan at 6.6%
Interest already paid$48,531Through Dec 2026
Assumption only · ends Apr 2054$342,763
Assumption + second · ends Apr 2054, second Jan 2057$519,151
New conventional · ends Jan 2057$532,459