Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,820/mo
Lowest payment- Down payment
- $48,321
- Funds due
- $58,017
- Interest + MI left
- $271,982
- First ends
- May 2056
Assumption
Assumption + second
$2,176/mo
+$357/mo- Down payment
- $13,321
- Funds due
- $24,290
- Interest + MI left
- $365,376
- First ends
- May 2056
New loan
New conventional
$2,130/mo
+$311/mo- Down payment
- $13,321
- Funds due
- $21,108
- Interest + MI left
- $357,841
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,179 | $200,179 | $235,179 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,272.26 | $1,272.26 | $1,628.33 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $92.26 | $92.26 | $47.04 |
| Taxes, insurance & HOA | $455.00 | $455.00 | $455.00 |
| Total housing payment | $1,819.52 | $2,176.17 | $2,130.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,321
Closing costs & prepaids$10,969
Usable credit−$0
Total buyer cash needed$24,290
Earnest money paid−$0
Remaining funds due$24,290
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,485.00
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)$141.00
Initial HOA (3 months)$774.00
Prepaid interest, first (2 days)$71.30
Prepaid interest, second (2 days)$22.77
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$6,527Through Nov 2026
Assumption only · ends May 2056$271,982
Assumption + second · ends May 2056, second Dec 2056$365,376
New conventional · ends Dec 2056$357,841