Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $144,693
- Funds due
- $155,455
- Interest + MI left
- $331,306
- First ends
- Nov 2054
Assumption
Assumption + second
$2,871/mo
+$770/mo- Down payment
- $39,693
- Funds due
- $51,728
- Interest + MI left
- $503,669
- First ends
- Nov 2054
New loan
New conventional
$2,858/mo
+$757/mo- Down payment
- $39,693
- Funds due
- $48,284
- Interest + MI left
- $537,330
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,307 | $249,307 | $354,307 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,650.22 | $1,650.22 | $2,453.15 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $116.85 | $116.85 | $70.86 |
| Taxes, insurance & HOA | $333.58 | $333.58 | $333.58 |
| Total housing payment | $2,100.66 | $2,871.11 | $2,857.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,693
Closing costs & prepaids$12,035
Usable credit−$0
Total buyer cash needed$51,728
Earnest money paid−$0
Remaining funds due$51,728
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,940.00
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)$295.75
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$45.97
Prepaid interest, second (1 days)$23.01
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 yrOf the original 30-year loan at 6.730%
Interest already paid$33,961Through Nov 2026
Assumption only · ends Nov 2054$331,306
Assumption + second · ends Nov 2054, second Dec 2056$503,669
New conventional · ends Dec 2056$537,330