Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
Lowest payment- Down payment
- $173,339
- Funds due
- $184,847
- Interest + MI left
- $364,523
- First ends
- Mar 2055
Assumption
Assumption + second
$3,194/mo
+$947/mo- Down payment
- $44,339
- Funds due
- $57,267
- Interest + MI left
- $576,283
- First ends
- Mar 2055
New loan
New conventional
$3,104/mo
+$856/mo- Down payment
- $44,339
- Funds due
- $53,771
- Interest + MI left
- $578,376
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,561 | $266,561 | $395,561 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,778.34 | $1,778.34 | $2,679.67 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $124.52 | $124.52 | $79.11 |
| Taxes, insurance & HOA | $344.75 | $344.75 | $344.75 |
| Total housing payment | $2,247.61 | $3,194.17 | $3,103.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,339
Closing costs & prepaids$12,928
Usable credit−$0
Total buyer cash needed$57,267
Earnest money paid−$0
Remaining funds due$57,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$299.72
Prepaid interest, second (6 days)$169.64
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 3 moOf the original 30-year loan at 6.84%
Interest already paid$32,234Through Dec 2026
Assumption only · ends Mar 2055$364,523
Assumption + second · ends Mar 2055, second Jan 2057$576,283
New conventional · ends Jan 2057$578,376