Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $42,286
- Funds due
- $53,024
- Interest + MI left
- $307,192
- First ends
- Jun 2054
Assumption
Assumption + second
$2,623/mo
+$285/mo- Down payment
- $14,286
- Funds due
- $26,320
- Interest + MI left
- $381,907
- First ends
- Jun 2054
New loan
New conventional
$2,483/mo
+$145/mo- Down payment
- $14,286
- Funds due
- $23,120
- Interest + MI left
- $382,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,614 | $232,614 | $260,614 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,562.85 | $1,562.85 | $1,765.49 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $109.65 | $109.65 | $52.12 |
| Taxes, insurance & HOA | $665.67 | $665.67 | $665.67 |
| Total housing payment | $2,338.17 | $2,623.49 | $2,483.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,286
Closing costs & prepaids$12,034
Usable credit−$0
Total buyer cash needed$26,320
Earnest money paid−$0
Remaining funds due$26,320
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)$701.00
Initial HOA (3 months)$846.00
Prepaid interest, first (5 days)$217.32
Prepaid interest, second (5 days)$45.55
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 closing27 yr 6 moOf the original 30-year loan at 6.82%
Interest already paid$40,260Through Dec 2026
Assumption only · ends Jun 2054$307,192
Assumption + second · ends Jun 2054, second Jan 2057$381,907
New conventional · ends Jan 2057$382,416