Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,290/mo
Lowest payment- Down payment
- $56,617
- Funds due
- $67,605
- Interest + MI left
- $282,822
- First ends
- Jul 2055
Assumption
Assumption + second
$2,531/mo
+$241/mo- Down payment
- $26,617
- Funds due
- $38,870
- Interest + MI left
- $339,722
- First ends
- Jul 2055
New loan
New conventional
$2,508/mo
+$218/mo- Down payment
- $26,617
- Funds due
- $35,557
- Interest + MI left
- $353,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,283 | $203,283 | $233,283 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,349.74 | $1,349.74 | $1,615.20 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $94.51 | $94.51 | $46.66 |
| Taxes, insurance & HOA | $845.83 | $845.83 | $845.83 |
| Total housing payment | $2,290.08 | $2,531.47 | $2,507.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,617
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$38,870
Earnest money paid−$0
Remaining funds due$38,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$1,417.50
Initial HOA (3 months)$669.99
Prepaid interest, first (2 days)$76.19
Prepaid interest, second (2 days)$14.79
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 yr 8 moOf the original 30-year loan at 6.840%
Interest already paid$18,683Through Nov 2026
Assumption only · ends Jul 2055$282,822
Assumption + second · ends Jul 2055, second Dec 2056$339,722
New conventional · ends Dec 2056$353,743