Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,128/mo
Lowest payment- Down payment
- $152,849
- Funds due
- $164,121
- Interest + MI left
- $324,095
- First ends
- Jul 2054
Assumption
Assumption + second
$2,957/mo
+$829/mo- Down payment
- $39,849
- Funds due
- $52,594
- Interest + MI left
- $509,590
- First ends
- Jul 2054
New loan
New conventional
$2,856/mo
+$728/mo- Down payment
- $39,849
- Funds due
- $49,141
- Interest + MI left
- $519,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,151 | $242,151 | $355,151 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,634.72 | $1,634.72 | $2,405.92 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $114.00 | $114.00 | $71.03 |
| Taxes, insurance & HOA | $379.00 | $379.00 | $379.00 |
| Total housing payment | $2,127.72 | $2,956.87 | $2,855.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,849
Closing costs & prepaids$12,746
Usable credit−$0
Total buyer cash needed$52,594
Earnest money paid−$0
Remaining funds due$52,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$410.79
Prepaid interest, second (9 days)$222.90
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 7 moOf the original 30-year loan at 6.88%
Interest already paid$40,841Through Dec 2026
Assumption only · ends Jul 2054$324,095
Assumption + second · ends Jul 2054, second Jan 2057$509,590
New conventional · ends Jan 2057$519,290