Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,446/mo
Lowest payment- Down payment
- $118,503
- Funds due
- $129,681
- Interest + MI left
- $404,213
- First ends
- Jan 2056
Assumption
Assumption + second
$3,058/mo
+$612/mo- Down payment
- $42,503
- Funds due
- $54,950
- Interest + MI left
- $548,358
- First ends
- Jan 2056
New loan
New conventional
$3,072/mo
+$626/mo- Down payment
- $42,503
- Funds due
- $51,479
- Interest + MI left
- $572,417
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,492 | $301,492 | $377,492 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,923.45 | $1,923.45 | $2,613.68 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $139.48 | $139.48 | $75.50 |
| Taxes, insurance & HOA | $383.17 | $383.17 | $383.17 |
| Total housing payment | $2,446.10 | $3,057.61 | $3,072.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,503
Closing costs & prepaids$12,447
Usable credit−$0
Total buyer cash needed$54,950
Earnest money paid−$0
Remaining funds due$54,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.95
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)$480.50
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$53.69
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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$16,415Through Nov 2026
Assumption only · ends Jan 2056$404,213
Assumption + second · ends Jan 2056, second Dec 2056$548,358
New conventional · ends Dec 2056$572,417