Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,186/mo
Lowest payment- Down payment
- $204,041
- Funds due
- $216,116
- Interest + MI left
- $296,314
- First ends
- Sep 2055
Assumption
Assumption + second
$3,367/mo
+$1,181/mo- Down payment
- $43,041
- Funds due
- $56,436
- Interest + MI left
- $560,604
- First ends
- Sep 2055
New loan
New conventional
$3,378/mo
+$1,192/mo- Down payment
- $43,041
- Funds due
- $52,961
- Interest + MI left
- $579,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,959 | $220,959 | $381,959 |
| Second mortgage | — | $161,000 | — |
| First P&I | $1,426.68 | $1,426.68 | $2,644.61 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $102.60 | $102.60 | $76.39 |
| Taxes, insurance & HOA | $656.75 | $656.75 | $656.75 |
| Total housing payment | $2,186.03 | $3,367.39 | $3,377.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,041
Closing costs & prepaids$13,395
Usable credit−$0
Total buyer cash needed$56,436
Earnest money paid−$0
Remaining funds due$56,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$452.25
Initial HOA (3 months)$1,068.00
Prepaid interest, first (2 days)$79.67
Prepaid interest, second (2 days)$70.58
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 closing28 yr 10 moOf the original 30-year loan at 6.580%
Interest already paid$17,083Through Nov 2026
Assumption only · ends Sep 2055$296,314
Assumption + second · ends Sep 2055, second Dec 2056$560,604
New conventional · ends Dec 2056$579,190