Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $141,781
- Funds due
- $153,284
- Interest + MI left
- $326,526
- First ends
- Nov 2054
Assumption
Assumption + second
$2,967/mo
+$741/mo- Down payment
- $40,781
- Funds due
- $53,733
- Interest + MI left
- $492,323
- First ends
- Nov 2054
New loan
New conventional
$2,944/mo
+$718/mo- Down payment
- $40,781
- Funds due
- $50,300
- Interest + MI left
- $525,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,119 | $258,119 | $359,119 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,665.18 | $1,665.18 | $2,432.80 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $121.25 | $121.25 | $71.82 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $2,225.43 | $2,966.54 | $2,943.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,781
Closing costs & prepaids$12,951
Usable credit−$0
Total buyer cash needed$53,733
Earnest money paid−$0
Remaining funds due$53,733
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Initial HOA (3 months)$387.00
Prepaid interest, first (9 days)$411.15
Prepaid interest, second (9 days)$199.23
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 closing27 yr 11 moOf the original 30-year loan at 6.46%
Interest already paid$35,198Through Dec 2026
Assumption only · ends Nov 2054$326,526
Assumption + second · ends Nov 2054, second Jan 2057$492,323
New conventional · ends Jan 2057$525,020