Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,201/mo
Lowest payment- Down payment
- $134,613
- Funds due
- $145,838
- Interest + MI left
- $353,111
- First ends
- Apr 2055
Assumption
Assumption + second
$2,966/mo
+$764/mo- Down payment
- $39,613
- Funds due
- $52,299
- Interest + MI left
- $533,292
- First ends
- Apr 2055
New loan
New conventional
$2,812/mo
+$611/mo- Down payment
- $39,613
- Funds due
- $48,827
- Interest + MI left
- $510,792
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,387 | $254,387 | $349,387 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,707.20 | $1,707.20 | $2,366.87 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $118.69 | $118.69 | $69.88 |
| Taxes, insurance & HOA | $375.58 | $375.58 | $375.58 |
| Total housing payment | $2,201.47 | $2,965.86 | $2,812.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,613
Closing costs & prepaids$12,686
Usable credit−$0
Total buyer cash needed$52,299
Earnest money paid−$0
Remaining funds due$52,299
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$466.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$433.43
Prepaid interest, second (9 days)$210.82
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 closing28 yr 4 moOf the original 30-year loan at 6.91%
Interest already paid$29,578Through Dec 2026
Assumption only · ends Apr 2055$353,111
Assumption + second · ends Apr 2055, second Jan 2057$533,292
New conventional · ends Jan 2057$510,792