Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,581/mo
Lowest payment- Down payment
- $81,850
- Funds due
- $94,245
- Interest + MI left
- $274,881
- First ends
- Jan 2056
Assumption
Assumption + second
$2,991/mo
+$410/mo- Down payment
- $30,850
- Funds due
- $44,571
- Interest + MI left
- $371,610
- First ends
- Jan 2056
New loan
New conventional
$3,008/mo
+$428/mo- Down payment
- $30,850
- Funds due
- $41,233
- Interest + MI left
- $392,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,650 | $217,650 | $268,650 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,344.82 | $1,344.82 | $1,819.93 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $100.85 | $100.85 | $53.73 |
| Taxes, insurance & HOA | $1,134.83 | $1,134.83 | $1,134.83 |
| Total housing payment | $2,580.50 | $2,990.86 | $3,008.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,850
Closing costs & prepaids$13,721
Usable credit−$0
Total buyer cash needed$44,571
Earnest money paid−$0
Remaining funds due$44,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,995.00
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)$359.50
Initial HOA (3 months)$2,595.00
Prepaid interest, first (6 days)$221.11
Prepaid interest, second (6 days)$75.45
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 closing29 yr 1 moOf the original 30-year loan at 6.18%
Interest already paid$12,404Through Dec 2026
Assumption only · ends Jan 2056$274,881
Assumption + second · ends Jan 2056, second Jan 2057$371,610
New conventional · ends Jan 2057$392,757