Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $129,957
- Funds due
- $140,581
- Interest + MI left
- $135,697
- First ends
- Jul 2056
Assumption
Assumption + second
$2,273/mo
+$785/mo- Down payment
- $22,957
- Funds due
- $34,995
- Interest + MI left
- $311,343
- First ends
- Jul 2056
New loan
New conventional
$2,250/mo
+$763/mo- Down payment
- $22,957
- Funds due
- $31,711
- Interest + MI left
- $302,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,543 | $99,543 | $206,543 |
| Second mortgage | — | $107,000 | — |
| First P&I | $632.07 | $632.07 | $1,399.19 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $45.83 | $45.83 | $41.31 |
| Taxes, insurance & HOA | $809.83 | $809.83 | $809.83 |
| Total housing payment | $1,487.73 | $2,272.86 | $2,250.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,957
Closing costs & prepaids$12,038
Usable credit−$0
Total buyer cash needed$34,995
Earnest money paid−$0
Remaining funds due$34,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,295.00
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)$275.50
Initial HOA (3 months)$1,704.00
Prepaid interest, first (7 days)$124.09
Prepaid interest, second (7 days)$164.16
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 closing29 yr 7 moOf the original 30-year loan at 6.5%
Interest already paid$2,703Through Dec 2026
Assumption only · ends Jul 2056$135,697
Assumption + second · ends Jul 2056, second Jan 2057$311,343
New conventional · ends Jan 2057$302,000