Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,159/mo
Lowest payment- Down payment
- $142,945
- Funds due
- $154,229
- Interest + MI left
- $329,813
- First ends
- Nov 2054
Assumption
Assumption + second
$2,915/mo
+$756/mo- Down payment
- $39,945
- Funds due
- $52,682
- Interest + MI left
- $498,893
- First ends
- Nov 2054
New loan
New conventional
$2,847/mo
+$688/mo- Down payment
- $39,945
- Funds due
- $49,239
- Interest + MI left
- $514,692
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,055 | $249,055 | $352,055 |
| Second mortgage | — | $103,000 | — |
| First P&I | $1,650.22 | $1,650.22 | $2,384.94 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $116.85 | $116.85 | $70.41 |
| Taxes, insurance & HOA | $391.83 | $391.83 | $391.83 |
| Total housing payment | $2,158.91 | $2,914.68 | $2,847.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,945
Closing costs & prepaids$12,737
Usable credit−$0
Total buyer cash needed$52,682
Earnest money paid−$0
Remaining funds due$52,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$470.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$413.29
Prepaid interest, second (9 days)$203.18
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 closing27 yr 11 moOf the original 30-year loan at 6.73%
Interest already paid$35,359Through Dec 2026
Assumption only · ends Nov 2054$329,813
Assumption + second · ends Nov 2054, second Jan 2057$498,893
New conventional · ends Jan 2057$514,692