Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,702/mo
+$38/mo- Down payment
- $166,626
- Funds due
- $177,417
- Interest + MI left
- $86,947
- First ends
- Sep 2037
Assumption
Assumption + second
$3,649/mo
+$985/mo- Down payment
- $37,626
- Funds due
- $49,921
- Interest + MI left
- $298,707
- First ends
- Sep 2037
New loan
New conventional
$2,664/mo
Lowest payment- Down payment
- $37,626
- Funds due
- $46,552
- Interest + MI left
- $485,919
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,374 | $203,374 | $332,374 |
| Second mortgage | — | $129,000 | — |
| First P&I | $2,095.86 | $2,095.86 | $2,251.62 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $260.31 | $260.31 | $66.47 |
| Taxes, insurance & HOA | $346.17 | $346.17 | $346.17 |
| Total housing payment | $2,702.34 | $3,648.90 | $2,664.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,626
Closing costs & prepaids$12,296
Usable credit−$0
Total buyer cash needed$49,921
Earnest money paid−$0
Remaining funds due$49,921
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$444.00
Initial HOA (3 months)$144.51
Prepaid interest, first (9 days)$277.81
Prepaid interest, second (9 days)$254.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing10 yr 9 moOf the original 30-year loan at 5.54%
Interest already paid$320,017Through Dec 2026
Assumption only · ends Sep 2037$86,947
Assumption + second · ends Sep 2037, second Jan 2057$298,707
New conventional · ends Jan 2057$485,919