Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,151/mo
Lowest payment- Down payment
- $70,241
- Funds due
- $80,929
- Interest + MI left
- $261,765
- First ends
- Mar 2054
Assumption
Assumption + second
$2,489/mo
+$338/mo- Down payment
- $28,241
- Funds due
- $40,200
- Interest + MI left
- $341,424
- First ends
- Mar 2054
New loan
New conventional
$2,453/mo
+$302/mo- Down payment
- $28,241
- Funds due
- $36,872
- Interest + MI left
- $373,976
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,659 | $204,659 | $246,659 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,358.02 | $1,358.02 | $1,707.82 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $96.76 | $96.76 | $49.33 |
| Taxes, insurance & HOA | $696.33 | $696.33 | $696.33 |
| Total housing payment | $2,151.11 | $2,489.05 | $2,453.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,241
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$40,200
Earnest money paid−$0
Remaining funds due$40,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$148.00
Initial HOA (3 months)$1,491.00
Prepaid interest, first (2 days)$74.80
Prepaid interest, second (2 days)$20.71
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 closing27 yr 4 moOf the original 30-year loan at 6.670%
Interest already paid$37,010Through Nov 2026
Assumption only · ends Mar 2054$261,765
Assumption + second · ends Mar 2054, second Dec 2056$341,424
New conventional · ends Dec 2056$373,976