Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,721/mo
Lowest payment- Down payment
- $144,911
- Funds due
- $159,008
- Interest + MI left
- $232,163
- First ends
- Aug 2055
Assumption
Assumption + second
$3,349/mo
+$628/mo- Down payment
- $66,911
- Funds due
- $82,374
- Interest + MI left
- $380,101
- First ends
- Aug 2055
New loan
New conventional
$4,580/mo
+$1,859/mo- Down payment
- $66,911
- Funds due
- $79,049
- Interest + MI left
- $867,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,089 | $515,089 | $593,089 |
| Second mortgage | — | $78,000 | — |
| First P&I | $2,033.16 | $2,033.16 | $4,017.79 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $243.79 | $243.79 | $118.62 |
| Taxes, insurance & HOA | $444.00 | $444.00 | $444.00 |
| Total housing payment | $2,720.94 | $3,348.55 | $4,580.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,911
Closing costs & prepaids$15,463
Usable credit−$0
Total buyer cash needed$82,374
Earnest money paid−$0
Remaining funds due$82,374
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$792.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$190.51
Prepaid interest, second (6 days)$115.40
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 8 moOf the original 30-year loan at 2.25%
Interest already paid$15,722Through Dec 2026
Assumption only · ends Aug 2055$232,163
Assumption + second · ends Aug 2055, second Jan 2057$380,101
New conventional · ends Jan 2057$867,194