Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $128,775
- Funds due
- $139,214
- Interest + MI left
- $307,008
- First ends
- Oct 2055
Assumption
Assumption + second
$2,678/mo
+$748/mo- Down payment
- $35,775
- Funds due
- $47,487
- Interest + MI left
- $483,396
- First ends
- Oct 2055
New loan
New conventional
$2,632/mo
+$702/mo- Down payment
- $35,775
- Funds due
- $44,080
- Interest + MI left
- $484,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,225 | $226,225 | $319,225 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,466.67 | $1,466.67 | $2,210.25 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $104.93 | $104.93 | $63.85 |
| Taxes, insurance & HOA | $357.67 | $357.67 | $357.67 |
| Total housing payment | $1,929.26 | $2,677.56 | $2,631.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,775
Closing costs & prepaids$11,712
Usable credit−$0
Total buyer cash needed$47,487
Earnest money paid−$0
Remaining funds due$47,487
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$413.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$41.09
Prepaid interest, second (1 days)$22.93
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$16,355Through Nov 2026
Assumption only · ends Oct 2055$307,008
Assumption + second · ends Oct 2055, second Dec 2056$483,396
New conventional · ends Dec 2056$484,126