Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,087/mo
Lowest payment- Down payment
- $163,107
- Funds due
- $173,115
- Interest + MI left
- $85,463
- First ends
- May 2055
Assumption
Assumption + second
$2,114/mo
+$1,027/mo- Down payment
- $23,107
- Funds due
- $34,488
- Interest + MI left
- $315,280
- First ends
- May 2055
New loan
New conventional
$2,048/mo
+$961/mo- Down payment
- $23,107
- Funds due
- $31,195
- Interest + MI left
- $293,128
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,893 | $62,893 | $202,893 |
| Second mortgage | — | $140,000 | — |
| First P&I | $415.48 | $415.48 | $1,364.87 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $29.33 | $29.33 | $40.58 |
| Taxes, insurance & HOA | $642.08 | $642.08 | $642.08 |
| Total housing payment | $1,086.89 | $2,114.16 | $2,047.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,107
Closing costs & prepaids$11,381
Usable credit−$0
Total buyer cash needed$34,488
Earnest money paid−$0
Remaining funds due$34,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,260.00
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)$576.25
Initial HOA (3 months)$900.00
Prepaid interest, first (4 days)$46.59
Prepaid interest, second (4 days)$122.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.76%
Interest already paid$6,795Through Dec 2026
Assumption only · ends May 2055$85,463
Assumption + second · ends May 2055, second Jan 2057$315,280
New conventional · ends Jan 2057$293,128