Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,329/mo
Lowest payment- Down payment
- $47,818
- Funds due
- $57,660
- Interest + MI left
- $285,359
- First ends
- Oct 2049
Assumption
Assumption + second
$2,645/mo
+$316/mo- Down payment
- $16,818
- Funds due
- $27,930
- Interest + MI left
- $368,079
- First ends
- Oct 2049
New loan
New conventional
$2,415/mo
+$86/mo- Down payment
- $16,818
- Funds due
- $24,714
- Interest + MI left
- $461,372
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,182 | $272,182 | $303,182 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,944.11 | $1,944.11 | $2,099.17 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $129.20 | $129.20 | $60.64 |
| Taxes, insurance & HOA | $255.42 | $255.42 | $255.42 |
| Total housing payment | $2,328.73 | $2,644.62 | $2,415.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,818
Closing costs & prepaids$11,112
Usable credit−$0
Total buyer cash needed$27,930
Earnest money paid−$0
Remaining funds due$27,930
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$316.25
Prepaid interest, first (2 days)$100.37
Prepaid interest, second (2 days)$20.17
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 closing22 yr 11 moOf the original 25-year loan at 6.730%
Interest already paid$38,886Through Nov 2026
Assumption only · ends Oct 2049$285,359
Assumption + second · ends Oct 2049, second Dec 2056$368,079
New conventional · ends Dec 2056$461,372