Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $45,600
- Funds due
- $57,162
- Interest + MI left
- $297,016
- First ends
- Sep 2054
Assumption
Assumption + second
$2,926/mo
+$316/mo- Down payment
- $14,600
- Funds due
- $27,422
- Interest + MI left
- $379,737
- First ends
- Sep 2054
New loan
New conventional
$2,872/mo
+$262/mo- Down payment
- $14,600
- Funds due
- $24,228
- Interest + MI left
- $403,877
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,400 | $234,400 | $265,400 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,518.31 | $1,518.31 | $1,837.58 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $110.21 | $110.21 | $53.08 |
| Taxes, insurance & HOA | $981.67 | $981.67 | $981.67 |
| Total housing payment | $2,610.19 | $2,926.08 | $2,872.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,600
Closing costs & prepaids$12,822
Usable credit−$0
Total buyer cash needed$27,422
Earnest money paid−$0
Remaining funds due$27,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$1,877.00
Initial HOA (3 months)$618.00
Prepaid interest, first (1 days)$41.68
Prepaid interest, second (1 days)$10.09
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 closing27 yr 10 moOf the original 30-year loan at 6.490%
Interest already paid$33,413Through Nov 2026
Assumption only · ends Sep 2054$297,016
Assumption + second · ends Sep 2054, second Dec 2056$379,737
New conventional · ends Dec 2056$403,877