Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,606/mo
Lowest payment- Down payment
- $95,166
- Funds due
- $104,696
- Interest + MI left
- $243,488
- First ends
- Dec 2054
Assumption
Assumption + second
$2,137/mo
+$531/mo- Down payment
- $29,166
- Funds due
- $39,962
- Interest + MI left
- $368,666
- First ends
- Dec 2054
New loan
New conventional
$2,113/mo
+$507/mo- Down payment
- $29,166
- Funds due
- $36,622
- Interest + MI left
- $387,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,834 | $189,834 | $255,834 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,226.97 | $1,226.97 | $1,771.34 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $88.97 | $88.97 | $51.17 |
| Taxes, insurance & HOA | $290.42 | $290.42 | $290.42 |
| Total housing payment | $1,606.36 | $2,137.41 | $2,112.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,166
Closing costs & prepaids$10,796
Usable credit−$0
Total buyer cash needed$39,962
Earnest money paid−$0
Remaining funds due$39,962
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$347.25
Initial HOA (3 months)$74.01
Prepaid interest, first (1 days)$33.81
Prepaid interest, second (1 days)$16.27
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$23,934Through Nov 2026
Assumption only · ends Dec 2054$243,488
Assumption + second · ends Dec 2054, second Dec 2056$368,666
New conventional · ends Dec 2056$387,938