Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,138/mo
Lowest payment- Down payment
- $71,996
- Funds due
- $82,432
- Interest + MI left
- $372,152
- First ends
- Feb 2058
Assumption
Assumption + second
$2,436/mo
+$298/mo- Down payment
- $34,996
- Funds due
- $46,700
- Interest + MI left
- $442,328
- First ends
- Feb 2058
New loan
New conventional
$2,563/mo
+$425/mo- Down payment
- $34,996
- Funds due
- $43,314
- Interest + MI left
- $462,437
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,004 | $268,004 | $305,004 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,624.39 | $1,624.39 | $2,111.79 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $123.77 | $123.77 | $61.00 |
| Taxes, insurance & HOA | $389.92 | $389.92 | $389.92 |
| Total housing payment | $2,138.08 | $2,435.79 | $2,562.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,996
Closing costs & prepaids$11,704
Usable credit−$0
Total buyer cash needed$46,700
Earnest money paid−$0
Remaining funds due$46,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$179.75
Initial HOA (3 months)$540.00
Prepaid interest, first (2 days)$91.49
Prepaid interest, second (2 days)$18.25
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 closing31 yr 3 moOf the original 32-year loan at 6.230%
Interest already paid$12,576Through Nov 2026
Assumption only · ends Feb 2058$372,152
Assumption + second · ends Feb 2058, second Dec 2056$442,328
New conventional · ends Dec 2056$462,437