Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $195,668
- Funds due
- $209,411
- Interest + MI left
- $307,507
- First ends
- Feb 2056
Assumption
Assumption + second
$3,786/mo
+$1,079/mo- Down payment
- $48,668
- Funds due
- $63,693
- Interest + MI left
- $548,815
- First ends
- Feb 2056
New loan
New conventional
$4,067/mo
+$1,360/mo- Down payment
- $48,668
- Funds due
- $60,171
- Interest + MI left
- $661,727
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,332 | $289,332 | $436,332 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,614.67 | $1,614.67 | $3,021.07 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $134.02 | $134.02 | $87.27 |
| Taxes, insurance & HOA | $958.75 | $958.75 | $958.75 |
| Total housing payment | $2,707.43 | $3,786.07 | $4,067.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,668
Closing costs & prepaids$15,025
Usable credit−$0
Total buyer cash needed$63,693
Earnest money paid−$0
Remaining funds due$63,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$477.25
Initial HOA (3 months)$1,899.00
Prepaid interest, first (1 days)$41.62
Prepaid interest, second (1 days)$32.22
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 closing29 yr 3 moOf the original 30-year loan at 5.250%
Interest already paid$11,460Through Nov 2026
Assumption only · ends Feb 2056$307,507
Assumption + second · ends Feb 2056, second Dec 2056$548,815
New conventional · ends Dec 2056$661,727