Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,383/mo
Lowest payment- Down payment
- $135,892
- Funds due
- $145,428
- Interest + MI left
- $209,637
- First ends
- Nov 2054
Assumption
Assumption + second
$2,153/mo
+$770/mo- Down payment
- $30,892
- Funds due
- $41,701
- Interest + MI left
- $382,000
- First ends
- Nov 2054
New loan
New conventional
$2,161/mo
+$778/mo- Down payment
- $30,892
- Funds due
- $38,345
- Interest + MI left
- $407,861
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,008 | $164,008 | $269,008 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,061.16 | $1,061.16 | $1,862.56 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $76.95 | $76.95 | $53.80 |
| Taxes, insurance & HOA | $244.50 | $244.50 | $244.50 |
| Total housing payment | $1,382.61 | $2,153.06 | $2,160.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,892
Closing costs & prepaids$10,810
Usable credit−$0
Total buyer cash needed$41,701
Earnest money paid−$0
Remaining funds due$41,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$259.50
Initial HOA (3 months)$24.00
Prepaid interest, first (1 days)$29.21
Prepaid interest, second (1 days)$23.01
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 yrOf the original 30-year loan at 6.500%
Interest already paid$21,589Through Nov 2026
Assumption only · ends Nov 2054$209,637
Assumption + second · ends Nov 2054, second Dec 2056$382,000
New conventional · ends Dec 2056$407,861