Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,188/mo
Lowest payment- Down payment
- $114,564
- Funds due
- $125,192
- Interest + MI left
- $346,782
- First ends
- Jan 2055
Assumption
Assumption + second
$2,799/mo
+$612/mo- Down payment
- $38,564
- Funds due
- $50,461
- Interest + MI left
- $490,927
- First ends
- Jan 2055
New loan
New conventional
$2,783/mo
+$595/mo- Down payment
- $38,564
- Funds due
- $47,029
- Interest + MI left
- $523,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,436 | $269,436 | $345,436 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,739.66 | $1,739.66 | $2,391.73 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $126.15 | $126.15 | $69.09 |
| Taxes, insurance & HOA | $321.83 | $321.83 | $321.83 |
| Total housing payment | $2,187.64 | $2,799.15 | $2,782.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,564
Closing costs & prepaids$11,897
Usable credit−$0
Total buyer cash needed$50,461
Earnest money paid−$0
Remaining funds due$50,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,840.00
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)$385.50
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$47.98
Prepaid interest, second (1 days)$18.74
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 2 moOf the original 30-year loan at 6.500%
Interest already paid$32,476Through Nov 2026
Assumption only · ends Jan 2055$346,782
Assumption + second · ends Jan 2055, second Dec 2056$490,927
New conventional · ends Dec 2056$523,877