Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,190/mo
Lowest payment- Down payment
- $181,717
- Funds due
- $194,730
- Interest + MI left
- $540,215
- First ends
- Feb 2055
Assumption
Assumption + second
$4,078/mo
+$888/mo- Down payment
- $60,717
- Funds due
- $75,033
- Interest + MI left
- $738,843
- First ends
- Feb 2055
New loan
New conventional
$4,138/mo
+$948/mo- Down payment
- $60,717
- Funds due
- $71,393
- Interest + MI left
- $817,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,283 | $418,283 | $539,283 |
| Second mortgage | — | $121,000 | — |
| First P&I | $2,697.93 | $2,697.93 | $3,733.89 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $195.64 | $195.64 | $107.86 |
| Taxes, insurance & HOA | $296.50 | $296.50 | $296.50 |
| Total housing payment | $3,190.06 | $4,077.92 | $4,138.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,717
Closing costs & prepaids$14,317
Usable credit−$0
Total buyer cash needed$75,033
Earnest money paid−$0
Remaining funds due$75,033
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$337.75
Initial HOA (3 months)$51.75
Prepaid interest, first (2 days)$148.98
Prepaid interest, second (2 days)$53.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 6.500%
Interest already paid$48,099Through Nov 2026
Assumption only · ends Feb 2055$540,215
Assumption + second · ends Feb 2055, second Dec 2056$738,843
New conventional · ends Dec 2056$817,751