Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,049/mo
Lowest payment- Down payment
- $96,645
- Funds due
- $106,886
- Interest + MI left
- $320,489
- First ends
- Dec 2054
Assumption
Assumption + second
$2,532/mo
+$483/mo- Down payment
- $36,645
- Funds due
- $48,151
- Interest + MI left
- $434,287
- First ends
- Dec 2054
New loan
New conventional
$2,578/mo
+$528/mo- Down payment
- $36,645
- Funds due
- $44,741
- Interest + MI left
- $490,310
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,345 | $263,345 | $323,345 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,651.44 | $1,651.44 | $2,238.78 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $123.58 | $123.58 | $64.67 |
| Taxes, insurance & HOA | $274.08 | $274.08 | $274.08 |
| Total housing payment | $2,049.11 | $2,531.88 | $2,577.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,645
Closing costs & prepaids$11,507
Usable credit−$0
Total buyer cash needed$48,151
Earnest money paid−$0
Remaining funds due$48,151
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$222.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$44.73
Prepaid interest, second (1 days)$14.79
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 1 moOf the original 30-year loan at 6.200%
Interest already paid$31,692Through Nov 2026
Assumption only · ends Dec 2054$320,489
Assumption + second · ends Dec 2054, second Dec 2056$434,287
New conventional · ends Dec 2056$490,310