Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,387/mo
Lowest payment- Down payment
- $129,022
- Funds due
- $139,869
- Interest + MI left
- $422,200
- First ends
- Jul 2055
Assumption
Assumption + second
$3,079/mo
+$692/mo- Down payment
- $43,022
- Funds due
- $55,140
- Interest + MI left
- $585,311
- First ends
- Jul 2055
New loan
New conventional
$2,995/mo
+$609/mo- Down payment
- $43,022
- Funds due
- $51,660
- Interest + MI left
- $586,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,978 | $300,978 | $386,978 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,008.34 | $2,008.34 | $2,679.36 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $139.91 | $139.91 | $77.40 |
| Taxes, insurance & HOA | $238.33 | $238.33 | $238.33 |
| Total housing payment | $2,386.58 | $3,078.55 | $2,995.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,022
Closing costs & prepaids$12,118
Usable credit−$0
Total buyer cash needed$55,140
Earnest money paid−$0
Remaining funds due$55,140
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$265.00
Prepaid interest, first (1 days)$56.81
Prepaid interest, second (1 days)$21.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.890%
Interest already paid$27,861Through Nov 2026
Assumption only · ends Jul 2055$422,200
Assumption + second · ends Jul 2055, second Dec 2056$585,311
New conventional · ends Dec 2056$586,878