Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,375/mo
Lowest payment- Down payment
- $60,555
- Funds due
- $73,404
- Interest + MI left
- $441,797
- First ends
- Dec 2054
Assumption
Assumption + second
$3,783/mo
+$408/mo- Down payment
- $20,555
- Funds due
- $34,667
- Interest + MI left
- $548,533
- First ends
- Dec 2054
New loan
New conventional
$3,726/mo
+$351/mo- Down payment
- $20,555
- Funds due
- $31,415
- Interest + MI left
- $585,036
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,445 | $344,445 | $384,445 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,226.28 | $2,226.28 | $2,661.82 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $161.44 | $161.44 | $76.89 |
| Taxes, insurance & HOA | $987.58 | $987.58 | $987.58 |
| Total housing payment | $3,375.30 | $3,782.90 | $3,726.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,555
Closing costs & prepaids$14,112
Usable credit−$0
Total buyer cash needed$34,667
Earnest money paid−$0
Remaining funds due$34,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$1,024.75
Initial HOA (3 months)$1,488.00
Prepaid interest, first (1 days)$61.34
Prepaid interest, second (1 days)$13.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$43,428Through Nov 2026
Assumption only · ends Dec 2054$441,797
Assumption + second · ends Dec 2054, second Dec 2056$548,533
New conventional · ends Dec 2056$585,036