Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,210/mo
Lowest payment- Down payment
- $146,974
- Funds due
- $158,576
- Interest + MI left
- $314,026
- First ends
- Nov 2054
Assumption
Assumption + second
$2,988/mo
+$778/mo- Down payment
- $40,974
- Funds due
- $54,035
- Interest + MI left
- $488,031
- First ends
- Nov 2054
New loan
New conventional
$2,981/mo
+$771/mo- Down payment
- $40,974
- Funds due
- $50,605
- Interest + MI left
- $524,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,026 | $253,026 | $359,026 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,614.47 | $1,614.47 | $2,432.17 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $118.92 | $118.92 | $71.81 |
| Taxes, insurance & HOA | $476.67 | $476.67 | $476.67 |
| Total housing payment | $2,210.06 | $2,987.85 | $2,980.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,974
Closing costs & prepaids$13,060
Usable credit−$0
Total buyer cash needed$54,035
Earnest money paid−$0
Remaining funds due$54,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$500.01
Prepaid interest, first (9 days)$396.18
Prepaid interest, second (9 days)$209.10
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 6.35%
Interest already paid$33,925Through Dec 2026
Assumption only · ends Nov 2054$314,026
Assumption + second · ends Nov 2054, second Jan 2057$488,031
New conventional · ends Jan 2057$524,884