Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $96,935
- Funds due
- $107,744
- Interest + MI left
- $319,038
- First ends
- Dec 2054
Assumption
Assumption + second
$2,602/mo
+$483/mo- Down payment
- $36,935
- Funds due
- $49,128
- Interest + MI left
- $432,837
- First ends
- Dec 2054
New loan
New conventional
$2,597/mo
+$478/mo- Down payment
- $36,935
- Funds due
- $45,744
- Interest + MI left
- $472,295
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,055 | $263,055 | $323,055 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,651.44 | $1,651.44 | $2,188.49 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $123.58 | $123.58 | $64.61 |
| Taxes, insurance & HOA | $344.00 | $344.00 | $344.00 |
| Total housing payment | $2,119.03 | $2,601.80 | $2,597.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,935
Closing costs & prepaids$12,192
Usable credit−$0
Total buyer cash needed$49,128
Earnest money paid−$0
Remaining funds due$49,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$432.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$402.15
Prepaid interest, second (9 days)$133.15
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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$33,052Through Dec 2026
Assumption only · ends Dec 2054$319,038
Assumption + second · ends Dec 2054, second Jan 2057$432,837
New conventional · ends Jan 2057$472,295