Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,194/mo
Lowest payment- Down payment
- $129,675
- Funds due
- $140,390
- Interest + MI left
- $367,037
- First ends
- Jun 2055
Assumption
Assumption + second
$2,902/mo
+$708/mo- Down payment
- $41,675
- Funds due
- $53,661
- Interest + MI left
- $533,942
- First ends
- Jun 2055
New loan
New conventional
$2,887/mo
+$693/mo- Down payment
- $41,675
- Funds due
- $50,197
- Interest + MI left
- $558,516
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,325 | $280,325 | $368,325 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,800.75 | $1,800.75 | $2,550.21 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $130.58 | $130.58 | $73.67 |
| Taxes, insurance & HOA | $263.08 | $263.08 | $263.08 |
| Total housing payment | $2,194.41 | $2,902.48 | $2,886.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,675
Closing costs & prepaids$11,986
Usable credit−$0
Total buyer cash needed$53,661
Earnest money paid−$0
Remaining funds due$53,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$339.25
Prepaid interest, first (1 days)$49.92
Prepaid interest, second (1 days)$21.70
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$26,039Through Nov 2026
Assumption only · ends Jun 2055$367,037
Assumption + second · ends Jun 2055, second Dec 2056$533,942
New conventional · ends Dec 2056$558,516