Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,579/mo
Lowest payment- Down payment
- $90,148
- Funds due
- $101,979
- Interest + MI left
- $383,285
- First ends
- Dec 2055
Assumption
Assumption + second
$2,997/mo
+$418/mo- Down payment
- $38,148
- Funds due
- $51,344
- Interest + MI left
- $481,911
- First ends
- Dec 2055
New loan
New conventional
$2,964/mo
+$385/mo- Down payment
- $38,148
- Funds due
- $47,933
- Interest + MI left
- $492,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,852 | $284,852 | $336,852 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,831.96 | $1,831.96 | $2,281.95 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $132.02 | $132.02 | $67.37 |
| Taxes, insurance & HOA | $615.00 | $615.00 | $615.00 |
| Total housing payment | $2,578.97 | $2,997.38 | $2,964.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,148
Closing costs & prepaids$13,196
Usable credit−$0
Total buyer cash needed$51,344
Earnest money paid−$0
Remaining funds due$51,344
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$945.00
Prepaid interest, first (9 days)$460.76
Prepaid interest, second (9 days)$115.40
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 yrOf the original 30-year loan at 6.56%
Interest already paid$18,801Through Dec 2026
Assumption only · ends Dec 2055$383,285
Assumption + second · ends Dec 2055, second Jan 2057$481,911
New conventional · ends Jan 2057$492,466