Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $95,357
- Funds due
- $105,888
- Interest + MI left
- $270,913
- First ends
- May 2056
Assumption
Assumption + second
$2,380/mo
+$523/mo- Down payment
- $30,357
- Funds due
- $42,282
- Interest + MI left
- $394,195
- First ends
- May 2056
New loan
New conventional
$2,359/mo
+$502/mo- Down payment
- $30,357
- Funds due
- $38,940
- Interest + MI left
- $394,261
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,642 | $204,642 | $269,642 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,284.50 | $1,284.50 | $1,826.65 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $94.42 | $94.42 | $53.93 |
| Taxes, insurance & HOA | $478.00 | $478.00 | $478.00 |
| Total housing payment | $1,856.92 | $2,379.92 | $2,358.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,357
Closing costs & prepaids$11,925
Usable credit−$0
Total buyer cash needed$42,282
Earnest money paid−$0
Remaining funds due$42,282
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$624.00
Prepaid interest, first (9 days)$321.43
Prepaid interest, second (9 days)$144.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 6.37%
Interest already paid$7,633Through Dec 2026
Assumption only · ends May 2056$270,913
Assumption + second · ends May 2056, second Jan 2057$394,195
New conventional · ends Jan 2057$394,261