Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,955/mo
Lowest payment- Down payment
- $94,495
- Funds due
- $104,833
- Interest + MI left
- $272,797
- First ends
- Jan 2055
Assumption
Assumption + second
$2,462/mo
+$507/mo- Down payment
- $31,495
- Funds due
- $43,099
- Interest + MI left
- $392,286
- First ends
- Jan 2055
New loan
New conventional
$2,440/mo
+$485/mo- Down payment
- $31,495
- Funds due
- $39,736
- Interest + MI left
- $414,679
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,505 | $210,505 | $273,505 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,364.61 | $1,364.61 | $1,893.69 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $98.54 | $98.54 | $54.70 |
| Taxes, insurance & HOA | $491.92 | $491.92 | $491.92 |
| Total housing payment | $1,955.07 | $2,461.98 | $2,440.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,495
Closing costs & prepaids$11,604
Usable credit−$0
Total buyer cash needed$43,099
Earnest money paid−$0
Remaining funds due$43,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$275.75
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$37.72
Prepaid interest, second (1 days)$15.53
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 2 moOf the original 30-year loan at 6.540%
Interest already paid$25,527Through Nov 2026
Assumption only · ends Jan 2055$272,797
Assumption + second · ends Jan 2055, second Dec 2056$392,286
New conventional · ends Dec 2056$414,679