Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $89,875
- Funds due
- $101,246
- Interest + MI left
- $384,943
- First ends
- Dec 2055
Assumption
Assumption + second
$2,964/mo
+$418/mo- Down payment
- $37,875
- Funds due
- $50,522
- Interest + MI left
- $483,568
- First ends
- Dec 2055
New loan
New conventional
$2,983/mo
+$438/mo- Down payment
- $37,875
- Funds due
- $47,102
- Interest + MI left
- $511,205
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,125 | $285,125 | $337,125 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,831.96 | $1,831.96 | $2,334.19 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $132.02 | $132.02 | $67.43 |
| Taxes, insurance & HOA | $581.25 | $581.25 | $581.25 |
| Total housing payment | $2,545.22 | $2,963.63 | $2,982.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,875
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$50,522
Earnest money paid−$0
Remaining funds due$50,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$348.75
Initial HOA (3 months)$945.00
Prepaid interest, first (2 days)$102.49
Prepaid interest, second (2 days)$25.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 6.560%
Interest already paid$17,242Through Nov 2026
Assumption only · ends Dec 2055$384,943
Assumption + second · ends Dec 2055, second Dec 2056$483,568
New conventional · ends Dec 2056$511,205