Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,513/mo
Lowest payment- Down payment
- $129,029
- Funds due
- $139,417
- Interest + MI left
- $168,864
- First ends
- Jan 2056
Assumption
Assumption + second
$2,269/mo
+$756/mo- Down payment
- $26,029
- Funds due
- $37,780
- Interest + MI left
- $337,944
- First ends
- Jan 2056
New loan
New conventional
$2,265/mo
+$752/mo- Down payment
- $26,029
- Funds due
- $34,474
- Interest + MI left
- $341,958
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,871 | $130,871 | $233,871 |
| Second mortgage | — | $103,000 | — |
| First P&I | $818.75 | $818.75 | $1,584.32 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $60.63 | $60.63 | $46.77 |
| Taxes, insurance & HOA | $633.92 | $633.92 | $633.92 |
| Total housing payment | $1,513.29 | $2,269.07 | $2,265.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,029
Closing costs & prepaids$11,752
Usable credit−$0
Total buyer cash needed$37,780
Earnest money paid−$0
Remaining funds due$37,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$662.75
Initial HOA (3 months)$789.00
Prepaid interest, first (5 days)$112.94
Prepaid interest, second (5 days)$112.88
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 closing29 yr 1 moOf the original 30-year loan at 6.3%
Interest already paid$7,602Through Dec 2026
Assumption only · ends Jan 2056$168,864
Assumption + second · ends Jan 2056, second Jan 2057$337,944
New conventional · ends Jan 2057$341,958