Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,802/mo
Lowest payment- Down payment
- $68,825
- Funds due
- $79,964
- Interest + MI left
- $444,649
- First ends
- Oct 2054
Assumption
Assumption + second
$3,035/mo
+$233/mo- Down payment
- $39,825
- Funds due
- $52,221
- Interest + MI left
- $499,651
- First ends
- Oct 2054
New loan
New conventional
$2,992/mo
+$190/mo- Down payment
- $39,825
- Funds due
- $48,776
- Interest + MI left
- $543,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,175 | $329,175 | $358,175 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,206.86 | $2,206.86 | $2,479.93 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $154.36 | $154.36 | $71.64 |
| Taxes, insurance & HOA | $440.58 | $440.58 | $440.58 |
| Total housing payment | $2,801.81 | $3,035.15 | $2,992.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,825
Closing costs & prepaids$12,396
Usable credit−$0
Total buyer cash needed$52,221
Earnest money paid−$0
Remaining funds due$52,221
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$625.75
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$61.78
Prepaid interest, second (1 days)$7.15
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$47,554Through Nov 2026
Assumption only · ends Oct 2054$444,649
Assumption + second · ends Oct 2054, second Dec 2056$499,651
New conventional · ends Dec 2056$543,196