Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $63,069
- Funds due
- $73,671
- Interest + MI left
- $336,846
- First ends
- Dec 2055
Assumption
Assumption + second
$2,393/mo
+$241/mo- Down payment
- $33,069
- Funds due
- $44,988
- Interest + MI left
- $393,745
- First ends
- Dec 2055
New loan
New conventional
$2,426/mo
+$274/mo- Down payment
- $33,069
- Funds due
- $41,650
- Interest + MI left
- $426,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,931 | $261,931 | $291,931 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,640.32 | $1,640.32 | $1,977.64 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $121.46 | $121.46 | $58.39 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $2,151.78 | $2,393.17 | $2,426.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,069
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$44,988
Earnest money paid−$0
Remaining funds due$44,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$406.89
Prepaid interest, second (9 days)$66.58
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 6.3%
Interest already paid$16,608Through Dec 2026
Assumption only · ends Dec 2055$336,846
Assumption + second · ends Dec 2055, second Jan 2057$393,745
New conventional · ends Jan 2057$426,793