Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $63,566
- Funds due
- $73,132
- Interest + MI left
- $281,047
- First ends
- Jan 2055
Assumption
Assumption + second
$2,114/mo
+$290/mo- Down payment
- $27,566
- Funds due
- $38,391
- Interest + MI left
- $349,326
- First ends
- Jan 2055
New loan
New conventional
$2,097/mo
+$273/mo- Down payment
- $27,566
- Funds due
- $35,068
- Interest + MI left
- $375,250
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,434 | $211,434 | $247,434 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,391.22 | $1,391.22 | $1,713.18 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $98.92 | $98.92 | $49.49 |
| Taxes, insurance & HOA | $334.33 | $334.33 | $334.33 |
| Total housing payment | $1,824.47 | $2,114.13 | $2,097.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,566
Closing costs & prepaids$10,826
Usable credit−$0
Total buyer cash needed$38,391
Earnest money paid−$0
Remaining funds due$38,391
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$222.00
Initial HOA (3 months)$330.99
Prepaid interest, first (1 days)$38.75
Prepaid interest, second (1 days)$8.88
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 2 moOf the original 30-year loan at 6.690%
Interest already paid$26,219Through Nov 2026
Assumption only · ends Jan 2055$281,047
Assumption + second · ends Jan 2055, second Dec 2056$349,326
New conventional · ends Dec 2056$375,250