Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,748/mo
Lowest payment- Down payment
- $211,017
- Funds due
- $225,365
- Interest + MI left
- $306,145
- First ends
- Feb 2056
Assumption
Assumption + second
$3,930/mo
+$1,181/mo- Down payment
- $50,017
- Funds due
- $65,932
- Interest + MI left
- $570,435
- First ends
- Feb 2056
New loan
New conventional
$4,138/mo
+$1,390/mo- Down payment
- $50,017
- Funds due
- $62,487
- Interest + MI left
- $657,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,983 | $288,983 | $449,983 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,614.67 | $1,614.67 | $3,048.34 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $134.02 | $134.02 | $90.00 |
| Taxes, insurance & HOA | $999.67 | $999.67 | $999.67 |
| Total housing payment | $2,748.35 | $3,929.71 | $4,138.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,017
Closing costs & prepaids$15,916
Usable credit−$0
Total buyer cash needed$65,932
Earnest money paid−$0
Remaining funds due$65,932
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$600.00
Initial HOA (3 months)$1,899.00
Prepaid interest, first (9 days)$374.09
Prepaid interest, second (9 days)$317.59
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 closing29 yr 2 moOf the original 30-year loan at 5.25%
Interest already paid$12,726Through Dec 2026
Assumption only · ends Feb 2056$306,145
Assumption + second · ends Feb 2056, second Jan 2057$570,435
New conventional · ends Jan 2057$657,950