Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $40,733
- Funds due
- $50,649
- Interest + MI left
- $302,826
- First ends
- Jan 2055
Assumption
Assumption + second
$2,219/mo
+$255/mo- Down payment
- $15,733
- Funds due
- $26,972
- Interest + MI left
- $369,536
- First ends
- Jan 2055
New loan
New conventional
$2,218/mo
+$253/mo- Down payment
- $15,733
- Funds due
- $23,805
- Interest + MI left
- $409,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,267 | $254,267 | $279,267 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,575.13 | $1,575.13 | $1,891.85 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $119.39 | $119.39 | $55.85 |
| Taxes, insurance & HOA | $270.08 | $270.08 | $270.08 |
| Total housing payment | $1,964.60 | $2,219.35 | $2,217.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,733
Closing costs & prepaids$11,240
Usable credit−$0
Total buyer cash needed$26,972
Earnest money paid−$0
Remaining funds due$26,972
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$381.19
Prepaid interest, second (9 days)$73.20
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 yr 1 moOf the original 30-year loan at 6.08%
Interest already paid$30,015Through Dec 2026
Assumption only · ends Jan 2055$302,826
Assumption + second · ends Jan 2055, second Jan 2057$369,536
New conventional · ends Jan 2057$409,731