Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,605/mo
Lowest payment- Down payment
- $146,135
- Funds due
- $156,240
- Interest + MI left
- $233,210
- First ends
- Aug 2054
Assumption
Assumption + second
$2,442/mo
+$836/mo- Down payment
- $32,135
- Funds due
- $43,540
- Interest + MI left
- $420,347
- First ends
- Aug 2054
New loan
New conventional
$2,387/mo
+$781/mo- Down payment
- $32,135
- Funds due
- $40,168
- Interest + MI left
- $428,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,865 | $168,865 | $282,865 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,154.29 | $1,154.29 | $1,958.50 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $79.28 | $79.28 | $56.57 |
| Taxes, insurance & HOA | $371.58 | $371.58 | $371.58 |
| Total housing payment | $1,605.16 | $2,441.65 | $2,386.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,135
Closing costs & prepaids$11,405
Usable credit−$0
Total buyer cash needed$43,540
Earnest money paid−$0
Remaining funds due$43,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$454.75
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$65.05
Prepaid interest, second (2 days)$49.97
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 9 moOf the original 30-year loan at 7.030%
Interest already paid$27,056Through Nov 2026
Assumption only · ends Aug 2054$233,210
Assumption + second · ends Aug 2054, second Dec 2056$420,347
New conventional · ends Dec 2056$428,927