Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,117/mo
Lowest payment- Down payment
- $258,837
- Funds due
- $269,508
- Interest + MI left
- $134,385
- First ends
- Dec 2053
Assumption
Assumption + second
$2,715/mo
+$1,598/mo- Down payment
- $35,837
- Funds due
- $48,184
- Interest + MI left
- $486,521
- First ends
- Dec 2053
New loan
New conventional
$2,617/mo
+$1,499/mo- Down payment
- $35,837
- Funds due
- $44,742
- Interest + MI left
- $466,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,163 | $96,163 | $319,163 |
| Second mortgage | — | $223,000 | — |
| First P&I | $680.98 | $680.98 | $2,162.12 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $45.48 | $45.48 | $63.83 |
| Taxes, insurance & HOA | $391.00 | $391.00 | $391.00 |
| Total housing payment | $1,117.46 | $2,715.06 | $2,616.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,837
Closing costs & prepaids$12,347
Usable credit−$0
Total buyer cash needed$48,184
Earnest money paid−$0
Remaining funds due$48,184
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$173.33
Prepaid interest, second (9 days)$426.14
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 yrOf the original 30-year loan at 7.31%
Interest already paid$21,447Through Dec 2026
Assumption only · ends Dec 2053$134,385
Assumption + second · ends Dec 2053, second Jan 2057$486,521
New conventional · ends Jan 2057$466,669