Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,228/mo
Lowest payment- Down payment
- $131,515
- Funds due
- $144,833
- Interest + MI left
- $448,124
- First ends
- Nov 2054
Assumption
Assumption + second
$3,880/mo
+$652/mo- Down payment
- $50,515
- Funds due
- $65,123
- Interest + MI left
- $601,752
- First ends
- Nov 2054
New loan
New conventional
$3,960/mo
+$732/mo- Down payment
- $50,515
- Funds due
- $61,587
- Interest + MI left
- $689,257
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,485 | $373,485 | $454,485 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,330.48 | $2,330.48 | $3,146.76 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $175.51 | $175.51 | $90.90 |
| Taxes, insurance & HOA | $722.50 | $722.50 | $722.50 |
| Total housing payment | $3,228.49 | $3,880.23 | $3,960.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,515
Closing costs & prepaids$14,608
Usable credit−$0
Total buyer cash needed$65,123
Earnest money paid−$0
Remaining funds due$65,123
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$1,262.50
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$125.65
Prepaid interest, second (2 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 6.140%
Interest already paid$46,480Through Nov 2026
Assumption only · ends Nov 2054$448,124
Assumption + second · ends Nov 2054, second Dec 2056$601,752
New conventional · ends Dec 2056$689,257