Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
Lowest payment- Down payment
- $116,220
- Funds due
- $126,822
- Interest + MI left
- $346,916
- First ends
- Dec 2055
Assumption
Assumption + second
$2,736/mo
+$620/mo- Down payment
- $39,220
- Funds due
- $51,091
- Interest + MI left
- $492,958
- First ends
- Dec 2055
New loan
New conventional
$2,781/mo
+$665/mo- Down payment
- $39,220
- Funds due
- $47,654
- Interest + MI left
- $527,362
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,780 | $270,780 | $347,780 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,687.04 | $1,687.04 | $2,407.96 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $125.45 | $125.45 | $69.56 |
| Taxes, insurance & HOA | $303.50 | $303.50 | $303.50 |
| Total housing payment | $2,115.99 | $2,735.55 | $2,781.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,220
Closing costs & prepaids$11,871
Usable credit−$0
Total buyer cash needed$51,091
Earnest money paid−$0
Remaining funds due$51,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$313.50
Initial HOA (3 months)$147.00
Prepaid interest, first (1 days)$46.44
Prepaid interest, second (1 days)$18.99
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 closing29 yr 1 moOf the original 30-year loan at 6.260%
Interest already paid$15,631Through Nov 2026
Assumption only · ends Dec 2055$346,916
Assumption + second · ends Dec 2055, second Dec 2056$492,958
New conventional · ends Dec 2056$527,362