Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $69,028
- Funds due
- $78,307
- Interest + MI left
- $269,377
- First ends
- Sep 2055
Assumption
Assumption + second
$1,985/mo
+$338/mo- Down payment
- $27,028
- Funds due
- $37,568
- Interest + MI left
- $349,036
- First ends
- Sep 2055
New loan
New conventional
$1,987/mo
+$340/mo- Down payment
- $27,028
- Funds due
- $34,250
- Interest + MI left
- $368,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,872 | $200,872 | $242,872 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,296.98 | $1,296.98 | $1,681.60 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $93.27 | $93.27 | $48.57 |
| Taxes, insurance & HOA | $256.33 | $256.33 | $256.33 |
| Total housing payment | $1,646.59 | $1,984.53 | $1,986.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,028
Closing costs & prepaids$10,540
Usable credit−$0
Total buyer cash needed$37,568
Earnest money paid−$0
Remaining funds due$37,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$319.00
Prepaid interest, first (1 days)$36.21
Prepaid interest, second (1 days)$10.36
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 10 moOf the original 30-year loan at 6.580%
Interest already paid$15,530Through Nov 2026
Assumption only · ends Sep 2055$269,377
Assumption + second · ends Sep 2055, second Dec 2056$349,036
New conventional · ends Dec 2056$368,332