Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $79,176
- Funds due
- $89,775
- Interest + MI left
- $271,016
- First ends
- Feb 2056
Assumption
Assumption + second
$2,291/mo
+$362/mo- Down payment
- $34,176
- Funds due
- $46,125
- Interest + MI left
- $356,365
- First ends
- Feb 2056
New loan
New conventional
$2,479/mo
+$550/mo- Down payment
- $34,176
- Funds due
- $42,835
- Interest + MI left
- $439,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,824 | $255,824 | $300,824 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,429.39 | $1,429.39 | $2,037.89 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $118.64 | $118.64 | $60.16 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $1,929.03 | $2,291.11 | $2,479.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,176
Closing costs & prepaids$11,949
Usable credit−$0
Total buyer cash needed$46,125
Earnest money paid−$0
Remaining funds due$46,125
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)$291.00
Prepaid interest, first (9 days)$331.17
Prepaid interest, second (9 days)$99.86
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 2 moOf the original 30-year loan at 5.25%
Interest already paid$11,266Through Dec 2026
Assumption only · ends Feb 2056$271,016
Assumption + second · ends Feb 2056, second Jan 2057$356,365
New conventional · ends Jan 2057$439,794