Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
Lowest payment- Down payment
- $61,961
- Funds due
- $73,618
- Interest + MI left
- $415,483
- First ends
- Oct 2055
Assumption
Assumption + second
$3,279/mo
+$438/mo- Down payment
- $18,961
- Funds due
- $31,882
- Interest + MI left
- $530,225
- First ends
- Oct 2055
New loan
New conventional
$3,229/mo
+$388/mo- Down payment
- $18,961
- Funds due
- $28,645
- Interest + MI left
- $541,807
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,038 | $313,038 | $356,038 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,002.94 | $2,002.94 | $2,465.14 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $145.24 | $145.24 | $71.21 |
| Taxes, insurance & HOA | $692.25 | $692.25 | $692.25 |
| Total housing payment | $2,840.42 | $3,278.59 | $3,228.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,961
Closing costs & prepaids$12,921
Usable credit−$0
Total buyer cash needed$31,882
Earnest money paid−$0
Remaining funds due$31,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.99
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)$1,131.75
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$55.75
Prepaid interest, second (1 days)$13.99
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$22,191Through Nov 2026
Assumption only · ends Oct 2055$415,483
Assumption + second · ends Oct 2055, second Dec 2056$530,225
New conventional · ends Dec 2056$541,807