Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,882/mo
Lowest payment- Down payment
- $118,404
- Funds due
- $129,045
- Interest + MI left
- $304,704
- First ends
- Jul 2056
Assumption
Assumption + second
$2,550/mo
+$668/mo- Down payment
- $35,404
- Funds due
- $47,479
- Interest + MI left
- $462,125
- First ends
- Jul 2056
New loan
New conventional
$2,529/mo
+$647/mo- Down payment
- $35,404
- Funds due
- $44,087
- Interest + MI left
- $459,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,496 | $231,496 | $314,496 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,439.73 | $1,439.73 | $2,130.51 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $106.61 | $106.61 | $62.90 |
| Taxes, insurance & HOA | $335.50 | $335.50 | $335.50 |
| Total housing payment | $1,881.84 | $2,549.68 | $2,528.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,404
Closing costs & prepaids$12,074
Usable credit−$0
Total buyer cash needed$47,479
Earnest money paid−$0
Remaining funds due$47,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Initial HOA (3 months)$136.50
Prepaid interest, first (9 days)$359.61
Prepaid interest, second (9 days)$184.19
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 7 moOf the original 30-year loan at 6.3%
Interest already paid$6,094Through Dec 2026
Assumption only · ends Jul 2056$304,704
Assumption + second · ends Jul 2056, second Jan 2057$462,125
New conventional · ends Jan 2057$459,845