Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
Lowest payment- Down payment
- $117,220
- Funds due
- $127,878
- Interest + MI left
- $346,916
- First ends
- Dec 2055
Assumption
Assumption + second
$2,744/mo
+$628/mo- Down payment
- $39,220
- Funds due
- $51,167
- Interest + MI left
- $494,854
- First ends
- Dec 2055
New loan
New conventional
$2,788/mo
+$672/mo- Down payment
- $39,220
- Funds due
- $47,735
- Interest + MI left
- $528,879
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,780 | $270,780 | $348,780 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,687.04 | $1,687.04 | $2,414.88 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $125.45 | $125.45 | $69.76 |
| Taxes, insurance & HOA | $303.50 | $303.50 | $303.50 |
| Total housing payment | $2,115.99 | $2,743.60 | $2,788.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,220
Closing costs & prepaids$11,947
Usable credit−$0
Total buyer cash needed$51,167
Earnest money paid−$0
Remaining funds due$51,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$313.50
Initial HOA (3 months)$147.00
Prepaid interest, first (2 days)$92.88
Prepaid interest, second (2 days)$38.47
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 closing29 yr 1 moOf the original 30-year loan at 6.260%
Interest already paid$15,631Through Nov 2026
Assumption only · ends Dec 2055$346,916
Assumption + second · ends Dec 2055, second Dec 2056$494,854
New conventional · ends Dec 2056$528,879