Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $138,548
- Funds due
- $149,501
- Interest + MI left
- $344,354
- First ends
- Apr 2054
Assumption
Assumption + second
$3,039/mo
+$780/mo- Down payment
- $41,548
- Funds due
- $53,774
- Interest + MI left
- $528,328
- First ends
- Apr 2054
New loan
New conventional
$2,968/mo
+$709/mo- Down payment
- $41,548
- Funds due
- $50,311
- Interest + MI left
- $558,709
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,452 | $271,452 | $368,452 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,787.04 | $1,787.04 | $2,551.09 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $128.25 | $128.25 | $73.69 |
| Taxes, insurance & HOA | $342.83 | $342.83 | $342.83 |
| Total housing payment | $2,258.12 | $3,038.61 | $2,967.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,548
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$53,774
Earnest money paid−$0
Remaining funds due$53,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$422.50
Initial HOA (3 months)$156.00
Prepaid interest, first (1 days)$49.08
Prepaid interest, second (1 days)$23.92
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 closing27 yr 5 moOf the original 30-year loan at 6.600%
Interest already paid$47,038Through Nov 2026
Assumption only · ends Apr 2054$344,354
Assumption + second · ends Apr 2054, second Dec 2056$528,328
New conventional · ends Dec 2056$558,709