Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,909/mo
Lowest payment- Down payment
- $45,072
- Funds due
- $56,854
- Interest + MI left
- $387,358
- First ends
- Feb 2055
Assumption
Assumption + second
$3,184/mo
+$275/mo- Down payment
- $18,072
- Funds due
- $31,112
- Interest + MI left
- $459,405
- First ends
- Feb 2055
New loan
New conventional
$3,163/mo
+$254/mo- Down payment
- $18,072
- Funds due
- $27,886
- Interest + MI left
- $497,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,928 | $299,928 | $326,928 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,934.53 | $1,934.53 | $2,263.58 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $140.28 | $140.28 | $65.39 |
| Taxes, insurance & HOA | $834.33 | $834.33 | $834.33 |
| Total housing payment | $2,909.14 | $3,184.27 | $3,163.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,072
Closing costs & prepaids$13,040
Usable credit−$0
Total buyer cash needed$31,112
Earnest money paid−$0
Remaining funds due$31,112
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$1,971.75
Initial HOA (3 months)$81.24
Prepaid interest, first (1 days)$53.41
Prepaid interest, second (1 days)$8.78
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$34,489Through Nov 2026
Assumption only · ends Feb 2055$387,358
Assumption + second · ends Feb 2055, second Dec 2056$459,405
New conventional · ends Dec 2056$497,508