Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,468/mo
Lowest payment- Down payment
- $95,963
- Funds due
- $108,858
- Interest + MI left
- $561,311
- First ends
- Sep 2055
Assumption
Assumption + second
$3,838/mo
+$370/mo- Down payment
- $49,963
- Funds due
- $64,119
- Interest + MI left
- $648,557
- First ends
- Sep 2055
New loan
New conventional
$3,806/mo
+$338/mo- Down payment
- $49,963
- Funds due
- $60,574
- Interest + MI left
- $676,445
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,037 | $400,037 | $446,037 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,653.84 | $2,653.84 | $3,088.27 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $185.63 | $185.63 | $89.21 |
| Taxes, insurance & HOA | $628.25 | $628.25 | $628.25 |
| Total housing payment | $3,467.72 | $3,837.84 | $3,805.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,963
Closing costs & prepaids$14,156
Usable credit−$0
Total buyer cash needed$64,119
Earnest money paid−$0
Remaining funds due$64,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,960.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$673.75
Initial HOA (3 months)$711.00
Prepaid interest, first (1 days)$75.08
Prepaid interest, second (1 days)$11.34
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 10 moOf the original 30-year loan at 6.850%
Interest already paid$32,185Through Nov 2026
Assumption only · ends Sep 2055$561,311
Assumption + second · ends Sep 2055, second Dec 2056$648,557
New conventional · ends Dec 2056$676,445