Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $79,387
- Funds due
- $90,855
- Interest + MI left
- $345,621
- First ends
- Jul 2055
Assumption
Assumption + second
$2,882/mo
+$370/mo- Down payment
- $33,387
- Funds due
- $46,150
- Interest + MI left
- $432,866
- First ends
- Jul 2055
New loan
New conventional
$2,789/mo
+$277/mo- Down payment
- $33,387
- Funds due
- $42,764
- Interest + MI left
- $428,444
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,513 | $250,513 | $296,513 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,659.96 | $1,659.96 | $1,994.66 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $116.58 | $116.58 | $59.30 |
| Taxes, insurance & HOA | $735.42 | $735.42 | $735.42 |
| Total housing payment | $2,511.96 | $2,882.08 | $2,789.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,387
Closing costs & prepaids$12,763
Usable credit−$0
Total buyer cash needed$46,150
Earnest money paid−$0
Remaining funds due$46,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Initial HOA (3 months)$915.00
Prepaid interest, first (4 days)$186.96
Prepaid interest, second (4 days)$45.37
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 7 moOf the original 30-year loan at 6.81%
Interest already paid$24,368Through Dec 2026
Assumption only · ends Jul 2055$345,621
Assumption + second · ends Jul 2055, second Jan 2057$432,866
New conventional · ends Jan 2057$428,444