Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $112,974
- Funds due
- $122,946
- Interest + MI left
- $282,855
- First ends
- Apr 2055
Assumption
Assumption + second
$2,418/mo
+$644/mo- Down payment
- $32,974
- Funds due
- $44,236
- Interest + MI left
- $434,586
- First ends
- Apr 2055
New loan
New conventional
$2,370/mo
+$596/mo- Down payment
- $32,974
- Funds due
- $40,857
- Interest + MI left
- $442,819
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,026 | $212,026 | $292,026 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,385.43 | $1,385.43 | $2,021.93 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $98.91 | $98.91 | $58.41 |
| Taxes, insurance & HOA | $289.92 | $289.92 | $289.92 |
| Total housing payment | $1,774.26 | $2,417.96 | $2,370.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,974
Closing costs & prepaids$11,261
Usable credit−$0
Total buyer cash needed$44,236
Earnest money paid−$0
Remaining funds due$44,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$209.75
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$77.26
Prepaid interest, second (2 days)$39.45
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 5 moOf the original 30-year loan at 6.650%
Interest already paid$22,538Through Nov 2026
Assumption only · ends Apr 2055$282,855
Assumption + second · ends Apr 2055, second Dec 2056$434,586
New conventional · ends Dec 2056$442,819