Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
Lowest payment- Down payment
- $101,268
- Funds due
- $111,678
- Interest + MI left
- $308,971
- First ends
- Oct 2054
Assumption
Assumption + second
$2,618/mo
+$547/mo- Down payment
- $33,268
- Funds due
- $44,944
- Interest + MI left
- $437,942
- First ends
- Oct 2054
New loan
New conventional
$2,544/mo
+$473/mo- Down payment
- $33,268
- Funds due
- $41,562
- Interest + MI left
- $450,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,732 | $228,732 | $296,732 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,533.47 | $1,533.47 | $2,054.51 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $107.26 | $107.26 | $59.35 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $2,071.23 | $2,618.38 | $2,544.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,268
Closing costs & prepaids$11,676
Usable credit−$0
Total buyer cash needed$44,944
Earnest money paid−$0
Remaining funds due$44,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$568.50
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$42.93
Prepaid interest, second (1 days)$16.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 6.850%
Interest already paid$33,044Through Nov 2026
Assumption only · ends Oct 2054$308,971
Assumption + second · ends Oct 2054, second Dec 2056$437,942
New conventional · ends Dec 2056$450,014