Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,030/mo
Lowest payment- Down payment
- $175,981
- Funds due
- $186,137
- Interest + MI left
- $62,835
- First ends
- Jul 2055
Assumption
Assumption + second
$2,116/mo
+$1,086/mo- Down payment
- $27,981
- Funds due
- $39,420
- Interest + MI left
- $305,784
- First ends
- Jul 2055
New loan
New conventional
$2,301/mo
+$1,270/mo- Down payment
- $27,981
- Funds due
- $36,099
- Interest + MI left
- $374,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,019 | $99,019 | $247,019 |
| Second mortgage | — | $148,000 | — |
| First P&I | $442.82 | $442.82 | $1,710.31 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $46.64 | $46.64 | $49.40 |
| Taxes, insurance & HOA | $540.83 | $540.83 | $540.83 |
| Total housing payment | $1,030.29 | $2,116.26 | $2,300.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,981
Closing costs & prepaids$11,439
Usable credit−$0
Total buyer cash needed$39,420
Earnest money paid−$0
Remaining funds due$39,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$257.50
Initial HOA (3 months)$915.00
Prepaid interest, first (1 days)$8.82
Prepaid interest, second (1 days)$32.44
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$4,354Through Nov 2026
Assumption only · ends Jul 2055$62,835
Assumption + second · ends Jul 2055, second Dec 2056$305,784
New conventional · ends Dec 2056$374,572