Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,892/mo
Lowest payment- Down payment
- $114,419
- Funds due
- $127,068
- Interest + MI left
- $399,411
- First ends
- Dec 2055
Assumption
Assumption + second
$3,464/mo
+$571/mo- Down payment
- $43,419
- Funds due
- $57,388
- Interest + MI left
- $534,073
- First ends
- Dec 2055
New loan
New conventional
$3,446/mo
+$554/mo- Down payment
- $43,419
- Funds due
- $53,917
- Interest + MI left
- $551,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,581 | $310,581 | $381,581 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,944.99 | $1,944.99 | $2,566.92 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $144.02 | $144.02 | $76.32 |
| Taxes, insurance & HOA | $803.25 | $803.25 | $803.25 |
| Total housing payment | $2,892.26 | $3,463.55 | $3,446.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,419
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$57,388
Earnest money paid−$0
Remaining funds due$57,388
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,083.75
Initial HOA (3 months)$876.00
Prepaid interest, first (4 days)$214.43
Prepaid interest, second (4 days)$70.03
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$19,692Through Dec 2026
Assumption only · ends Dec 2055$399,411
Assumption + second · ends Dec 2055, second Jan 2057$534,073
New conventional · ends Jan 2057$551,286