Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,364/mo
Lowest payment- Down payment
- $171,086
- Funds due
- $184,799
- Interest + MI left
- $536,031
- First ends
- Jan 2055
Assumption
Assumption + second
$4,186/mo
+$822/mo- Down payment
- $59,086
- Funds due
- $74,196
- Interest + MI left
- $719,885
- First ends
- Jan 2055
New loan
New conventional
$4,163/mo
+$799/mo- Down payment
- $59,086
- Funds due
- $70,587
- Interest + MI left
- $774,822
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,914 | $417,914 | $529,914 |
| Second mortgage | — | $112,000 | — |
| First P&I | $2,701.14 | $2,701.14 | $3,589.82 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $195.87 | $195.87 | $105.98 |
| Taxes, insurance & HOA | $467.25 | $467.25 | $467.25 |
| Total housing payment | $3,364.26 | $4,186.08 | $4,163.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,086
Closing costs & prepaids$15,111
Usable credit−$0
Total buyer cash needed$74,196
Earnest money paid−$0
Remaining funds due$74,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$706.75
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$446.54
Prepaid interest, second (6 days)$147.29
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$52,691Through Dec 2026
Assumption only · ends Jan 2055$536,031
Assumption + second · ends Jan 2055, second Jan 2057$719,885
New conventional · ends Jan 2057$774,822