Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,689/mo
Lowest payment- Down payment
- $88,979
- Funds due
- $98,805
- Interest + MI left
- $251,424
- First ends
- Jan 2055
Assumption
Assumption + second
$2,172/mo
+$483/mo- Down payment
- $28,979
- Funds due
- $40,144
- Interest + MI left
- $365,222
- First ends
- Jan 2055
New loan
New conventional
$2,116/mo
+$427/mo- Down payment
- $28,979
- Funds due
- $36,808
- Interest + MI left
- $374,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,021 | $196,021 | $256,021 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,266.96 | $1,266.96 | $1,734.38 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $91.87 | $91.87 | $51.20 |
| Taxes, insurance & HOA | $330.58 | $330.58 | $330.58 |
| Total housing payment | $1,689.41 | $2,172.19 | $2,116.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,979
Closing costs & prepaids$11,165
Usable credit−$0
Total buyer cash needed$40,144
Earnest money paid−$0
Remaining funds due$40,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$199.74
Prepaid interest, first (6 days)$209.45
Prepaid interest, second (6 days)$88.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.5%
Interest already paid$24,714Through Dec 2026
Assumption only · ends Jan 2055$251,424
Assumption + second · ends Jan 2055, second Jan 2057$365,222
New conventional · ends Jan 2057$374,294