Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,234/mo
Lowest payment- Down payment
- $104,559
- Funds due
- $116,231
- Interest + MI left
- $231,435
- First ends
- Apr 2054
Assumption
Assumption + second
$2,846/mo
+$612/mo- Down payment
- $28,559
- Funds due
- $41,594
- Interest + MI left
- $375,579
- First ends
- Apr 2054
New loan
New conventional
$2,738/mo
+$504/mo- Down payment
- $28,559
- Funds due
- $38,250
- Interest + MI left
- $374,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,341 | $180,341 | $256,341 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,198.98 | $1,198.98 | $1,736.54 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $85.25 | $85.25 | $51.27 |
| Taxes, insurance & HOA | $950.00 | $950.00 | $950.00 |
| Total housing payment | $2,234.23 | $2,845.75 | $2,737.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,559
Closing costs & prepaids$13,035
Usable credit−$0
Total buyer cash needed$41,594
Earnest money paid−$0
Remaining funds due$41,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$2,058.00
Prepaid interest, first (6 days)$198.33
Prepaid interest, second (6 days)$112.44
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 closing27 yr 4 moOf the original 30-year loan at 6.69%
Interest already paid$32,708Through Dec 2026
Assumption only · ends Apr 2054$231,435
Assumption + second · ends Apr 2054, second Jan 2057$375,579
New conventional · ends Jan 2057$374,813