Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,985/mo
Lowest payment- Down payment
- $94,712
- Funds due
- $105,442
- Interest + MI left
- $271,577
- First ends
- Jan 2055
Assumption
Assumption + second
$2,500/mo
+$515/mo- Down payment
- $30,712
- Funds due
- $42,834
- Interest + MI left
- $392,962
- First ends
- Jan 2055
New loan
New conventional
$2,435/mo
+$450/mo- Down payment
- $30,712
- Funds due
- $39,481
- Interest + MI left
- $401,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,288 | $210,288 | $274,288 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,364.61 | $1,364.61 | $1,858.12 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $98.54 | $98.54 | $54.86 |
| Taxes, insurance & HOA | $522.00 | $522.00 | $522.00 |
| Total housing payment | $1,985.15 | $2,500.11 | $2,434.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,712
Closing costs & prepaids$12,122
Usable credit−$0
Total buyer cash needed$42,834
Earnest money paid−$0
Remaining funds due$42,834
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$339.11
Prepaid interest, second (9 days)$142.03
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$26,674Through Dec 2026
Assumption only · ends Jan 2055$271,577
Assumption + second · ends Jan 2055, second Jan 2057$392,962
New conventional · ends Jan 2057$401,054