Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,980/mo
Lowest payment- Down payment
- $71,009
- Funds due
- $81,302
- Interest + MI left
- $322,298
- First ends
- Feb 2056
Assumption
Assumption + second
$2,286/mo
+$306/mo- Down payment
- $33,009
- Funds due
- $44,637
- Interest + MI left
- $394,370
- First ends
- Feb 2056
New loan
New conventional
$2,330/mo
+$349/mo- Down payment
- $33,009
- Funds due
- $41,301
- Interest + MI left
- $426,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,891 | $253,891 | $291,891 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,568.77 | $1,568.77 | $1,977.37 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $117.52 | $117.52 | $58.38 |
| Taxes, insurance & HOA | $293.92 | $293.92 | $293.92 |
| Total housing payment | $1,980.21 | $2,285.97 | $2,329.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,009
Closing costs & prepaids$11,628
Usable credit−$0
Total buyer cash needed$44,637
Earnest money paid−$0
Remaining funds due$44,637
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$390.00
Initial HOA (3 months)$41.76
Prepaid interest, first (9 days)$387.51
Prepaid interest, second (9 days)$84.33
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 closing29 yr 2 moOf the original 30-year loan at 6.19%
Interest already paid$13,169Through Dec 2026
Assumption only · ends Feb 2056$322,298
Assumption + second · ends Feb 2056, second Jan 2057$394,370
New conventional · ends Jan 2057$426,735