Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,013/mo
Lowest payment- Down payment
- $117,911
- Funds due
- $128,218
- Interest + MI left
- $318,732
- First ends
- Jun 2054
Assumption
Assumption + second
$2,665/mo
+$652/mo- Down payment
- $36,911
- Funds due
- $48,508
- Interest + MI left
- $472,360
- First ends
- Jun 2054
New loan
New conventional
$2,582/mo
+$569/mo- Down payment
- $36,911
- Funds due
- $45,090
- Interest + MI left
- $489,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,089 | $242,089 | $323,089 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,618.53 | $1,618.53 | $2,237.00 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $114.02 | $114.02 | $64.62 |
| Taxes, insurance & HOA | $280.58 | $280.58 | $280.58 |
| Total housing payment | $2,013.14 | $2,664.88 | $2,582.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,911
Closing costs & prepaids$11,597
Usable credit−$0
Total buyer cash needed$48,508
Earnest money paid−$0
Remaining funds due$48,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$352.75
Initial HOA (3 months)$39.00
Prepaid interest, first (2 days)$89.94
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 closing27 yr 7 moOf the original 30-year loan at 6.780%
Interest already paid$40,248Through Nov 2026
Assumption only · ends Jun 2054$318,732
Assumption + second · ends Jun 2054, second Dec 2056$472,360
New conventional · ends Dec 2056$489,922