Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $137,836
- Funds due
- $148,886
- Interest + MI left
- $344,252
- First ends
- Jun 2055
Assumption
Assumption + second
$2,935/mo
+$789/mo- Down payment
- $39,836
- Funds due
- $52,281
- Interest + MI left
- $530,123
- First ends
- Jun 2055
New loan
New conventional
$2,825/mo
+$678/mo- Down payment
- $39,836
- Funds due
- $48,826
- Interest + MI left
- $519,309
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,164 | $257,164 | $355,164 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,678.72 | $1,678.72 | $2,406.00 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $119.85 | $119.85 | $71.03 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $2,146.57 | $2,935.10 | $2,825.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,836
Closing costs & prepaids$12,445
Usable credit−$0
Total buyer cash needed$52,281
Earnest money paid−$0
Remaining funds due$52,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$281.12
Prepaid interest, second (6 days)$144.99
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$25,884Through Dec 2026
Assumption only · ends Jun 2055$344,252
Assumption + second · ends Jun 2055, second Jan 2057$530,123
New conventional · ends Jan 2057$519,309