Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,913/mo
Lowest payment- Down payment
- $74,590
- Funds due
- $85,551
- Interest + MI left
- $167,864
- First ends
- Dec 2054
Assumption
Assumption + second
$2,340/mo
+$426/mo- Down payment
- $21,590
- Funds due
- $33,867
- Interest + MI left
- $268,386
- First ends
- Dec 2054
New loan
New conventional
$2,322/mo
+$409/mo- Down payment
- $21,590
- Funds due
- $30,608
- Interest + MI left
- $282,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,410 | $140,410 | $193,410 |
| Second mortgage | — | $53,000 | — |
| First P&I | $874.35 | $874.35 | $1,310.23 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $65.99 | $65.99 | $38.68 |
| Taxes, insurance & HOA | $972.75 | $972.75 | $972.75 |
| Total housing payment | $1,913.09 | $2,339.54 | $2,321.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,590
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$33,867
Earnest money paid−$0
Remaining funds due$33,867
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$548.25
Initial HOA (3 months)$1,920.00
Prepaid interest, first (5 days)$117.71
Prepaid interest, second (5 days)$65.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.12%
Interest already paid$17,418Through Dec 2026
Assumption only · ends Dec 2054$167,864
Assumption + second · ends Dec 2054, second Jan 2057$268,386
New conventional · ends Jan 2057$282,797