Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $45,308
- Funds due
- $55,404
- Interest + MI left
- $354,875
- First ends
- Jan 2056
Assumption
Assumption + second
$2,498/mo
+$296/mo- Down payment
- $16,308
- Funds due
- $27,663
- Interest + MI left
- $432,259
- First ends
- Jan 2056
New loan
New conventional
$2,483/mo
+$281/mo- Down payment
- $16,308
- Funds due
- $24,453
- Interest + MI left
- $446,931
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,692 | $264,692 | $293,692 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,688.68 | $1,688.68 | $2,033.46 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $122.45 | $122.45 | $58.74 |
| Taxes, insurance & HOA | $391.17 | $391.17 | $391.17 |
| Total housing payment | $2,202.30 | $2,497.81 | $2,483.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,308
Closing costs & prepaids$11,355
Usable credit−$0
Total buyer cash needed$27,663
Earnest money paid−$0
Remaining funds due$27,663
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)$168.50
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$47.14
Prepaid interest, second (1 days)$9.43
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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$14,412Through Nov 2026
Assumption only · ends Jan 2056$354,875
Assumption + second · ends Jan 2056, second Dec 2056$432,259
New conventional · ends Dec 2056$446,931