Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $141,507
- Funds due
- $152,527
- Interest + MI left
- $328,015
- First ends
- Nov 2054
Assumption
Assumption + second
$2,912/mo
+$741/mo- Down payment
- $40,507
- Funds due
- $52,822
- Interest + MI left
- $493,812
- First ends
- Nov 2054
New loan
New conventional
$2,945/mo
+$774/mo- Down payment
- $40,507
- Funds due
- $49,376
- Interest + MI left
- $544,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,393 | $258,393 | $359,393 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,665.18 | $1,665.18 | $2,488.36 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $121.25 | $121.25 | $71.88 |
| Taxes, insurance & HOA | $384.92 | $384.92 | $384.92 |
| Total housing payment | $2,171.35 | $2,912.45 | $2,945.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,507
Closing costs & prepaids$12,314
Usable credit−$0
Total buyer cash needed$52,822
Earnest money paid−$0
Remaining funds due$52,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$317.75
Initial HOA (3 months)$387.00
Prepaid interest, first (2 days)$91.46
Prepaid interest, second (2 days)$44.27
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 yrOf the original 30-year loan at 6.460%
Interest already paid$33,807Through Nov 2026
Assumption only · ends Nov 2054$328,015
Assumption + second · ends Nov 2054, second Dec 2056$493,812
New conventional · ends Dec 2056$544,972