Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,624/mo
Lowest payment- Down payment
- $41,784
- Funds due
- $53,146
- Interest + MI left
- $327,638
- First ends
- Dec 2054
Assumption
Assumption + second
$2,889/mo
+$265/mo- Down payment
- $15,784
- Funds due
- $28,404
- Interest + MI left
- $397,016
- First ends
- Dec 2054
New loan
New conventional
$2,928/mo
+$304/mo- Down payment
- $15,784
- Funds due
- $25,203
- Interest + MI left
- $455,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,116 | $273,116 | $299,116 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,698.82 | $1,698.82 | $2,071.02 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $128.21 | $128.21 | $59.82 |
| Taxes, insurance & HOA | $797.25 | $797.25 | $797.25 |
| Total housing payment | $2,624.28 | $2,889.22 | $2,928.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,784
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$28,404
Earnest money paid−$0
Remaining funds due$28,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$1,068.75
Initial HOA (3 months)$873.00
Prepaid interest, first (1 days)$45.79
Prepaid interest, second (1 days)$8.46
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 6.120%
Interest already paid$32,449Through Nov 2026
Assumption only · ends Dec 2054$327,638
Assumption + second · ends Dec 2054, second Dec 2056$397,016
New conventional · ends Dec 2056$455,245