Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,704/mo
Lowest payment- Down payment
- $69,679
- Funds due
- $81,492
- Interest + MI left
- $371,326
- First ends
- Jan 2055
Assumption
Assumption + second
$2,977/mo
+$274/mo- Down payment
- $35,679
- Funds due
- $48,800
- Interest + MI left
- $435,812
- First ends
- Jan 2055
New loan
New conventional
$2,918/mo
+$215/mo- Down payment
- $35,679
- Funds due
- $45,408
- Interest + MI left
- $459,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,321 | $280,321 | $314,321 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,846.34 | $1,846.34 | $2,129.32 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $131.28 | $131.28 | $62.86 |
| Taxes, insurance & HOA | $726.00 | $726.00 | $726.00 |
| Total housing payment | $2,703.62 | $2,977.19 | $2,918.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,679
Closing costs & prepaids$13,121
Usable credit−$0
Total buyer cash needed$48,800
Earnest money paid−$0
Remaining funds due$48,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,308.00
Prepaid interest, first (7 days)$359.66
Prepaid interest, second (7 days)$58.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 6.69%
Interest already paid$36,361Through Dec 2026
Assumption only · ends Jan 2055$371,326
Assumption + second · ends Jan 2055, second Jan 2057$435,812
New conventional · ends Jan 2057$459,526