Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,934/mo
Lowest payment- Down payment
- $128,992
- Funds due
- $139,772
- Interest + MI left
- $305,673
- First ends
- Oct 2055
Assumption
Assumption + second
$2,682/mo
+$748/mo- Down payment
- $35,992
- Funds due
- $48,229
- Interest + MI left
- $482,061
- First ends
- Oct 2055
New loan
New conventional
$2,587/mo
+$653/mo- Down payment
- $35,992
- Funds due
- $44,808
- Interest + MI left
- $466,442
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,008 | $226,008 | $319,008 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,466.67 | $1,466.67 | $2,161.07 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $104.93 | $104.93 | $63.80 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $1,933.60 | $2,681.89 | $2,586.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,992
Closing costs & prepaids$12,237
Usable credit−$0
Total buyer cash needed$48,229
Earnest money paid−$0
Remaining funds due$48,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$369.48
Prepaid interest, second (9 days)$206.38
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 10 moOf the original 30-year loan at 6.63%
Interest already paid$17,605Through Dec 2026
Assumption only · ends Oct 2055$305,673
Assumption + second · ends Oct 2055, second Jan 2057$482,061
New conventional · ends Jan 2057$466,442