Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,401/mo
Lowest payment- Down payment
- $42,482
- Funds due
- $53,614
- Interest + MI left
- $323,442
- First ends
- Feb 2056
Assumption
Assumption + second
$2,676/mo
+$275/mo- Down payment
- $15,482
- Funds due
- $27,916
- Interest + MI left
- $395,489
- First ends
- Feb 2056
New loan
New conventional
$2,665/mo
+$264/mo- Down payment
- $15,482
- Funds due
- $24,730
- Interest + MI left
- $410,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,518 | $252,518 | $279,518 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,568.42 | $1,568.42 | $1,893.55 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $116.88 | $116.88 | $55.90 |
| Taxes, insurance & HOA | $716.00 | $716.00 | $716.00 |
| Total housing payment | $2,401.30 | $2,676.43 | $2,665.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,482
Closing costs & prepaids$12,435
Usable credit−$0
Total buyer cash needed$27,916
Earnest money paid−$0
Remaining funds due$27,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Initial HOA (3 months)$1,344.00
Prepaid interest, first (6 days)$259.02
Prepaid interest, second (6 days)$52.71
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 2 moOf the original 30-year loan at 6.24%
Interest already paid$13,202Through Dec 2026
Assumption only · ends Feb 2056$323,442
Assumption + second · ends Feb 2056, second Jan 2057$395,489
New conventional · ends Jan 2057$410,155