Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,809/mo
Lowest payment- Down payment
- $46,846
- Funds due
- $57,864
- Interest + MI left
- $446,292
- First ends
- Nov 2054
Assumption
Assumption + second
$3,084/mo
+$275/mo- Down payment
- $19,846
- Funds due
- $32,132
- Interest + MI left
- $518,339
- First ends
- Nov 2054
New loan
New conventional
$3,066/mo
+$257/mo- Down payment
- $19,846
- Funds due
- $28,894
- Interest + MI left
- $572,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,154 | $349,154 | $376,154 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,259.08 | $2,259.08 | $2,604.41 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $163.81 | $163.81 | $75.23 |
| Taxes, insurance & HOA | $386.17 | $386.17 | $386.17 |
| Total housing payment | $2,809.06 | $3,084.19 | $3,065.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,846
Closing costs & prepaids$12,285
Usable credit−$0
Total buyer cash needed$32,132
Earnest money paid−$0
Remaining funds due$32,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,960.00
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)$363.50
Initial HOA (3 months)$345.00
Prepaid interest, first (2 days)$124.36
Prepaid interest, second (2 days)$17.57
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 yrOf the original 30-year loan at 6.500%
Interest already paid$45,961Through Nov 2026
Assumption only · ends Nov 2054$446,292
Assumption + second · ends Nov 2054, second Dec 2056$518,339
New conventional · ends Dec 2056$572,494