Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,204/mo
Lowest payment- Down payment
- $66,581
- Funds due
- $77,017
- Interest + MI left
- $365,491
- First ends
- Feb 2055
Assumption
Assumption + second
$2,470/mo
+$266/mo- Down payment
- $33,581
- Funds due
- $45,340
- Interest + MI left
- $428,080
- First ends
- Feb 2055
New loan
New conventional
$2,370/mo
+$166/mo- Down payment
- $33,581
- Funds due
- $41,954
- Interest + MI left
- $433,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,419 | $263,419 | $296,419 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,778.12 | $1,778.12 | $2,008.05 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $123.12 | $123.12 | $59.28 |
| Taxes, insurance & HOA | $303.00 | $303.00 | $303.00 |
| Total housing payment | $2,204.24 | $2,469.77 | $2,370.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,581
Closing costs & prepaids$11,759
Usable credit−$0
Total buyer cash needed$45,340
Earnest money paid−$0
Remaining funds due$45,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$63.00
Prepaid interest, first (9 days)$451.42
Prepaid interest, second (9 days)$73.23
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 closing28 yr 2 moOf the original 30-year loan at 6.95%
Interest already paid$33,917Through Dec 2026
Assumption only · ends Feb 2055$365,491
Assumption + second · ends Feb 2055, second Jan 2057$428,080
New conventional · ends Jan 2057$433,354