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
- $45,134
- Funds due
- $55,609
- Interest + MI left
- $236,242
- First ends
- Jan 2053
Assumption
Assumption + second
$2,477/mo
+$326/mo- Down payment
- $13,134
- Funds due
- $24,900
- Interest + MI left
- $321,631
- First ends
- Jan 2053
New loan
New conventional
$2,328/mo
+$177/mo- Down payment
- $13,134
- Funds due
- $21,725
- Interest + MI left
- $343,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,866 | $204,866 | $236,866 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,310.44 | $1,310.44 | $1,593.41 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $153.01 | $153.01 | $47.37 |
| Taxes, insurance & HOA | $687.50 | $687.50 | $687.50 |
| Total housing payment | $2,150.95 | $2,477.03 | $2,328.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,134
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$24,900
Earnest money paid−$0
Remaining funds due$24,900
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Initial HOA (3 months)$975.00
Prepaid interest, first (4 days)$137.18
Prepaid interest, second (4 days)$41.64
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 closing26 yr 1 moOf the original 30-year loan at 6.11%
Interest already paid$50,442Through Dec 2026
Assumption only · ends Jan 2053$236,242
Assumption + second · ends Jan 2053, second Jan 2057$321,631
New conventional · ends Jan 2057$343,490