Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,214/mo
Lowest payment- Down payment
- $146,700
- Funds due
- $157,962
- Interest + MI left
- $315,462
- First ends
- Nov 2054
Assumption
Assumption + second
$2,992/mo
+$778/mo- Down payment
- $40,700
- Funds due
- $53,236
- Interest + MI left
- $489,466
- First ends
- Nov 2054
New loan
New conventional
$3,041/mo
+$826/mo- Down payment
- $40,700
- Funds due
- $49,784
- Interest + MI left
- $544,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,300 | $253,300 | $359,300 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,614.47 | $1,614.47 | $2,487.72 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $118.92 | $118.92 | $71.86 |
| Taxes, insurance & HOA | $481.00 | $481.00 | $481.00 |
| Total housing payment | $2,214.39 | $2,992.18 | $3,040.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,700
Closing costs & prepaids$12,535
Usable credit−$0
Total buyer cash needed$53,236
Earnest money paid−$0
Remaining funds due$53,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$493.00
Initial HOA (3 months)$500.01
Prepaid interest, first (1 days)$44.07
Prepaid interest, second (1 days)$23.23
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 6.350%
Interest already paid$32,585Through Nov 2026
Assumption only · ends Nov 2054$315,462
Assumption + second · ends Nov 2054, second Dec 2056$489,466
New conventional · ends Dec 2056$544,831