Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,972/mo
Lowest payment- Down payment
- $99,602
- Funds due
- $109,640
- Interest + MI left
- $335,778
- First ends
- Jun 2055
Assumption
Assumption + second
$2,487/mo
+$515/mo- Down payment
- $35,602
- Funds due
- $46,922
- Interest + MI left
- $457,163
- First ends
- Jun 2055
New loan
New conventional
$2,464/mo
+$492/mo- Down payment
- $35,602
- Funds due
- $43,520
- Interest + MI left
- $476,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,398 | $250,398 | $314,398 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,631.31 | $1,631.31 | $2,176.83 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $116.59 | $116.59 | $62.88 |
| Taxes, insurance & HOA | $223.92 | $223.92 | $223.92 |
| Total housing payment | $1,971.82 | $2,486.78 | $2,463.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,602
Closing costs & prepaids$11,319
Usable credit−$0
Total buyer cash needed$46,922
Earnest money paid−$0
Remaining funds due$46,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$221.75
Prepaid interest, first (2 days)$91.10
Prepaid interest, second (2 days)$31.56
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 7 moOf the original 30-year loan at 6.640%
Interest already paid$23,755Through Nov 2026
Assumption only · ends Jun 2055$335,778
Assumption + second · ends Jun 2055, second Dec 2056$457,163
New conventional · ends Dec 2056$476,743