Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,220/mo
Lowest payment- Down payment
- $114,731
- Funds due
- $125,415
- Interest + MI left
- $357,830
- First ends
- Apr 2055
Assumption
Assumption + second
$2,823/mo
+$603/mo- Down payment
- $39,731
- Funds due
- $51,683
- Interest + MI left
- $500,079
- First ends
- Apr 2055
New loan
New conventional
$2,815/mo
+$595/mo- Down payment
- $39,731
- Funds due
- $48,239
- Interest + MI left
- $530,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,169 | $275,169 | $350,169 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,771.21 | $1,771.21 | $2,424.50 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $128.44 | $128.44 | $70.03 |
| Taxes, insurance & HOA | $320.17 | $320.17 | $320.17 |
| Total housing payment | $2,219.81 | $2,823.28 | $2,814.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,731
Closing costs & prepaids$11,952
Usable credit−$0
Total buyer cash needed$51,683
Earnest money paid−$0
Remaining funds due$51,683
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$333.75
Initial HOA (3 months)$176.76
Prepaid interest, first (1 days)$49.00
Prepaid interest, second (1 days)$18.49
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 closing28 yr 5 moOf the original 30-year loan at 6.500%
Interest already paid$28,598Through Nov 2026
Assumption only · ends Apr 2055$357,830
Assumption + second · ends Apr 2055, second Dec 2056$500,079
New conventional · ends Dec 2056$530,985