Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,022/mo
Lowest payment- Down payment
- $132,155
- Funds due
- $142,890
- Interest + MI left
- $284,053
- First ends
- Jan 2053
Assumption
Assumption + second
$2,802/mo
+$780/mo- Down payment
- $35,155
- Funds due
- $47,355
- Interest + MI left
- $468,027
- First ends
- Jan 2053
New loan
New conventional
$2,549/mo
+$527/mo- Down payment
- $35,155
- Funds due
- $43,922
- Interest + MI left
- $455,969
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,845 | $214,845 | $311,845 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,488.50 | $1,488.50 | $2,112.55 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $159.28 | $159.28 | $62.37 |
| Taxes, insurance & HOA | $373.83 | $373.83 | $373.83 |
| Total housing payment | $2,021.62 | $2,802.10 | $2,548.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,155
Closing costs & prepaids$12,200
Usable credit−$0
Total buyer cash needed$47,355
Earnest money paid−$0
Remaining funds due$47,355
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$368.18
Prepaid interest, second (9 days)$215.26
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 closing26 yr 1 moOf the original 30-year loan at 6.95%
Interest already paid$59,937Through Dec 2026
Assumption only · ends Jan 2053$284,053
Assumption + second · ends Jan 2053, second Jan 2057$468,027
New conventional · ends Jan 2057$455,969