Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $142,454
- Funds due
- $152,949
- Interest + MI left
- $259,877
- First ends
- Apr 2056
Assumption
Assumption + second
$2,461/mo
+$792/mo- Down payment
- $34,454
- Funds due
- $46,412
- Interest + MI left
- $437,165
- First ends
- Apr 2056
New loan
New conventional
$2,450/mo
+$781/mo- Down payment
- $34,454
- Funds due
- $43,029
- Interest + MI left
- $439,388
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,546 | $192,546 | $300,546 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,226.06 | $1,226.06 | $2,036.00 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $88.91 | $88.91 | $60.11 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,668.97 | $2,461.43 | $2,450.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,454
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$46,412
Earnest money paid−$0
Remaining funds due$46,412
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$308.60
Prepaid interest, second (9 days)$213.04
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 4 moOf the original 30-year loan at 6.5%
Interest already paid$8,379Through Dec 2026
Assumption only · ends Apr 2056$259,877
Assumption + second · ends Apr 2056, second Jan 2057$437,165
New conventional · ends Jan 2057$439,388