Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,019/mo
Lowest payment- Down payment
- $80,956
- Funds due
- $91,058
- Interest + MI left
- $321,241
- First ends
- Jun 2055
Assumption
Assumption + second
$2,414/mo
+$394/mo- Down payment
- $31,956
- Funds due
- $43,332
- Interest + MI left
- $414,177
- First ends
- Jun 2055
New loan
New conventional
$2,361/mo
+$341/mo- Down payment
- $31,956
- Funds due
- $39,964
- Interest + MI left
- $421,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,044 | $229,044 | $278,044 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,532.79 | $1,532.79 | $1,925.12 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $106.56 | $106.56 | $55.61 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $2,019.35 | $2,413.61 | $2,360.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,956
Closing costs & prepaids$11,376
Usable credit−$0
Total buyer cash needed$43,332
Earnest money paid−$0
Remaining funds due$43,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$459.00
Initial HOA (3 months)$231.00
Prepaid interest, first (2 days)$86.72
Prepaid interest, second (2 days)$24.16
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 7 moOf the original 30-year loan at 6.910%
Interest already paid$22,603Through Nov 2026
Assumption only · ends Jun 2055$321,241
Assumption + second · ends Jun 2055, second Dec 2056$414,177
New conventional · ends Dec 2056$421,561