Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,990/mo
Lowest payment- Down payment
- $81,170
- Funds due
- $91,488
- Interest + MI left
- $319,838
- First ends
- Jun 2055
Assumption
Assumption + second
$2,393/mo
+$402/mo- Down payment
- $31,170
- Funds due
- $42,849
- Interest + MI left
- $414,670
- First ends
- Jun 2055
New loan
New conventional
$2,296/mo
+$305/mo- Down payment
- $31,170
- Funds due
- $39,480
- Interest + MI left
- $407,696
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,830 | $228,830 | $278,830 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,532.79 | $1,532.79 | $1,888.89 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $106.56 | $106.56 | $55.77 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,990.35 | $2,392.66 | $2,295.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,170
Closing costs & prepaids$11,679
Usable credit−$0
Total buyer cash needed$42,849
Earnest money paid−$0
Remaining funds due$42,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$231.00
Prepaid interest, first (9 days)$389.89
Prepaid interest, second (9 days)$110.96
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 6 moOf the original 30-year loan at 6.91%
Interest already paid$23,922Through Dec 2026
Assumption only · ends Jun 2055$319,838
Assumption + second · ends Jun 2055, second Jan 2057$414,670
New conventional · ends Jan 2057$407,696