Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $71,390
- Funds due
- $81,933
- Interest + MI left
- $357,354
- First ends
- Dec 2054
Assumption
Assumption + second
$2,627/mo
+$290/mo- Down payment
- $35,390
- Funds due
- $47,192
- Interest + MI left
- $425,633
- First ends
- Dec 2054
New loan
New conventional
$2,647/mo
+$310/mo- Down payment
- $35,390
- Funds due
- $43,793
- Interest + MI left
- $477,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,610 | $278,610 | $314,610 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,800.76 | $1,800.76 | $2,178.30 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $130.58 | $130.58 | $62.92 |
| Taxes, insurance & HOA | $406.08 | $406.08 | $406.08 |
| Total housing payment | $2,337.42 | $2,627.09 | $2,647.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,390
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$47,192
Earnest money paid−$0
Remaining funds due$47,192
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$498.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$49.62
Prepaid interest, second (1 days)$8.88
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$35,127Through Nov 2026
Assumption only · ends Dec 2054$357,354
Assumption + second · ends Dec 2054, second Dec 2056$425,633
New conventional · ends Dec 2056$477,064