Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $45,641
- Funds due
- $55,498
- Interest + MI left
- $327,283
- First ends
- Jul 2054
Assumption
Assumption + second
$2,455/mo
+$316/mo- Down payment
- $14,641
- Funds due
- $25,758
- Interest + MI left
- $410,004
- First ends
- Jul 2054
New loan
New conventional
$2,321/mo
+$182/mo- Down payment
- $14,641
- Funds due
- $22,561
- Interest + MI left
- $411,423
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,359 | $239,359 | $270,359 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,631.48 | $1,631.48 | $1,871.91 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $112.51 | $112.51 | $54.07 |
| Taxes, insurance & HOA | $395.42 | $395.42 | $395.42 |
| Total housing payment | $2,139.40 | $2,455.29 | $2,321.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,641
Closing costs & prepaids$11,117
Usable credit−$0
Total buyer cash needed$25,758
Earnest money paid−$0
Remaining funds due$25,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$277.25
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$45.84
Prepaid interest, second (1 days)$10.09
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 closing27 yr 8 moOf the original 30-year loan at 6.990%
Interest already paid$39,569Through Nov 2026
Assumption only · ends Jul 2054$327,283
Assumption + second · ends Jul 2054, second Dec 2056$410,004
New conventional · ends Dec 2056$411,423