Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,425/mo
Lowest payment- Down payment
- $40,637
- Funds due
- $50,124
- Interest + MI left
- $129,683
- First ends
- Jul 2055
Assumption
Assumption + second
$1,710/mo
+$285/mo- Down payment
- $12,637
- Funds due
- $23,383
- Interest + MI left
- $204,398
- First ends
- Jul 2055
New loan
New conventional
$2,070/mo
+$645/mo- Down payment
- $12,637
- Funds due
- $20,227
- Interest + MI left
- $353,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,363 | $204,363 | $232,363 |
| Second mortgage | — | $28,000 | — |
| First P&I | $913.93 | $913.93 | $1,608.83 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $96.25 | $96.25 | $46.47 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $1,424.85 | $1,710.17 | $2,069.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,637
Closing costs & prepaids$10,746
Usable credit−$0
Total buyer cash needed$23,383
Earnest money paid−$0
Remaining funds due$23,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$155.00
Initial HOA (3 months)$639.00
Prepaid interest, first (1 days)$18.20
Prepaid interest, second (1 days)$9.11
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 closing28 yr 8 moOf the original 30-year loan at 3.250%
Interest already paid$8,986Through Nov 2026
Assumption only · ends Jul 2055$129,683
Assumption + second · ends Jul 2055, second Dec 2056$204,398
New conventional · ends Dec 2056$353,602