Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,675/mo
Lowest payment- Down payment
- $73,528
- Funds due
- $83,179
- Interest + MI left
- $248,774
- First ends
- Jan 2055
Assumption
Assumption + second
$2,045/mo
+$370/mo- Down payment
- $27,528
- Funds due
- $38,497
- Interest + MI left
- $336,020
- First ends
- Jan 2055
New loan
New conventional
$2,012/mo
+$337/mo- Down payment
- $27,528
- Funds due
- $35,182
- Interest + MI left
- $353,755
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,972 | $195,972 | $241,972 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,259.06 | $1,259.06 | $1,639.20 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $91.87 | $91.87 | $48.39 |
| Taxes, insurance & HOA | $324.41 | $324.41 | $324.41 |
| Total housing payment | $1,675.35 | $2,045.47 | $2,012.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,528
Closing costs & prepaids$10,969
Usable credit−$0
Total buyer cash needed$38,497
Earnest money paid−$0
Remaining funds due$38,497
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,695.00
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)$323.50
Initial HOA (3 months)$199.74
Prepaid interest, first (6 days)$207.46
Prepaid interest, second (6 days)$68.05
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 6.44%
Interest already paid$24,483Through Dec 2026
Assumption only · ends Jan 2055$248,774
Assumption + second · ends Jan 2055, second Jan 2057$336,020
New conventional · ends Jan 2057$353,755