Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $100,161
- Funds due
- $110,343
- Interest + MI left
- $272,074
- First ends
- May 2056
Assumption
Assumption + second
$2,375/mo
+$555/mo- Down payment
- $31,161
- Funds due
- $42,610
- Interest + MI left
- $402,942
- First ends
- May 2056
New loan
New conventional
$2,391/mo
+$572/mo- Down payment
- $31,161
- Funds due
- $39,251
- Interest + MI left
- $415,240
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,839 | $204,839 | $273,839 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,284.50 | $1,284.50 | $1,896.01 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $94.42 | $94.42 | $54.77 |
| Taxes, insurance & HOA | $440.42 | $440.42 | $440.42 |
| Total housing payment | $1,819.33 | $2,374.52 | $2,391.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,161
Closing costs & prepaids$11,449
Usable credit−$0
Total buyer cash needed$42,610
Earnest money paid−$0
Remaining funds due$42,610
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$247.25
Initial HOA (3 months)$624.00
Prepaid interest, first (1 days)$35.75
Prepaid interest, second (1 days)$17.01
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 closing29 yr 6 moOf the original 30-year loan at 6.370%
Interest already paid$6,546Through Nov 2026
Assumption only · ends May 2056$272,074
Assumption + second · ends May 2056, second Dec 2056$402,942
New conventional · ends Dec 2056$415,240