Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,870/mo
Lowest payment- Down payment
- $44,509
- Funds due
- $54,567
- Interest + MI left
- $270,825
- First ends
- May 2056
Assumption
Assumption + second
$2,196/mo
+$326/mo- Down payment
- $12,509
- Funds due
- $23,910
- Interest + MI left
- $356,214
- First ends
- May 2056
New loan
New conventional
$2,124/mo
+$253/mo- Down payment
- $12,509
- Funds due
- $20,732
- Interest + MI left
- $340,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,991 | $199,991 | $231,991 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,272.26 | $1,272.26 | $1,571.59 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $92.26 | $92.26 | $46.40 |
| Taxes, insurance & HOA | $505.83 | $505.83 | $505.83 |
| Total housing payment | $1,870.35 | $2,196.43 | $2,123.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,509
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$23,910
Earnest money paid−$0
Remaining funds due$23,910
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,445.00
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)$293.50
Initial HOA (3 months)$774.00
Prepaid interest, first (9 days)$320.53
Prepaid interest, second (9 days)$93.70
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$7,611Through Dec 2026
Assumption only · ends May 2056$270,825
Assumption + second · ends May 2056, second Jan 2057$356,214
New conventional · ends Jan 2057$340,416