Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,166/mo
Lowest payment- Down payment
- $115,494
- Funds due
- $126,607
- Interest + MI left
- $345,411
- First ends
- Dec 2055
Assumption
Assumption + second
$2,777/mo
+$612/mo- Down payment
- $39,494
- Funds due
- $52,026
- Interest + MI left
- $489,556
- First ends
- Dec 2055
New loan
New conventional
$2,770/mo
+$604/mo- Down payment
- $39,494
- Funds due
- $48,608
- Interest + MI left
- $506,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,506 | $270,506 | $346,506 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,687.04 | $1,687.04 | $2,347.35 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $125.45 | $125.45 | $69.30 |
| Taxes, insurance & HOA | $353.42 | $353.42 | $353.42 |
| Total housing payment | $2,165.91 | $2,777.42 | $2,770.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,494
Closing costs & prepaids$12,531
Usable credit−$0
Total buyer cash needed$52,026
Earnest money paid−$0
Remaining funds due$52,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,860.00
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)$463.25
Initial HOA (3 months)$147.00
Prepaid interest, first (9 days)$417.54
Prepaid interest, second (9 days)$168.66
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 yrOf the original 30-year loan at 6.26%
Interest already paid$17,043Through Dec 2026
Assumption only · ends Dec 2055$345,411
Assumption + second · ends Dec 2055, second Jan 2057$489,556
New conventional · ends Jan 2057$506,580