Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $61,411
- Funds due
- $71,955
- Interest + MI left
- $185,672
- First ends
- Dec 2052
Assumption
Assumption + second
$2,268/mo
+$298/mo- Down payment
- $24,411
- Funds due
- $36,242
- Interest + MI left
- $255,848
- First ends
- Dec 2052
New loan
New conventional
$2,247/mo
+$277/mo- Down payment
- $24,411
- Funds due
- $32,971
- Interest + MI left
- $311,326
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,489 | $178,489 | $215,489 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,081.94 | $1,081.94 | $1,449.61 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $134.23 | $134.23 | $43.10 |
| Taxes, insurance & HOA | $753.92 | $753.92 | $753.92 |
| Total housing payment | $1,970.08 | $2,267.79 | $2,246.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,411
Closing costs & prepaids$11,831
Usable credit−$0
Total buyer cash needed$36,242
Earnest money paid−$0
Remaining funds due$36,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,399.00
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)$611.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (4 days)$108.56
Prepaid interest, second (4 days)$36.49
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 yrOf the original 30-year loan at 5.55%
Interest already paid$40,918Through Dec 2026
Assumption only · ends Dec 2052$185,672
Assumption + second · ends Dec 2052, second Jan 2057$255,848
New conventional · ends Jan 2057$311,326