Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$676/mo
Lowest payment- Down payment
- $266,389
- Funds due
- $276,155
- Interest + MI left
- $88,528
- First ends
- Sep 2055
Assumption
Assumption + second
$2,345/mo
+$1,669/mo- Down payment
- $33,389
- Funds due
- $44,454
- Interest + MI left
- $456,455
- First ends
- Sep 2055
New loan
New conventional
$2,339/mo
+$1,663/mo- Down payment
- $33,389
- Funds due
- $41,069
- Interest + MI left
- $449,620
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,511 | $63,511 | $296,511 |
| Second mortgage | — | $233,000 | — |
| First P&I | $419.66 | $419.66 | $2,052.98 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $29.47 | $29.47 | $59.30 |
| Taxes, insurance & HOA | $226.58 | $226.58 | $226.58 |
| Total housing payment | $675.71 | $2,344.95 | $2,338.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,389
Closing costs & prepaids$11,065
Usable credit−$0
Total buyer cash needed$44,454
Earnest money paid−$0
Remaining funds due$44,454
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$229.75
Prepaid interest, first (1 days)$11.85
Prepaid interest, second (1 days)$49.47
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 6.810%
Interest already paid$5,080Through Nov 2026
Assumption only · ends Sep 2055$88,528
Assumption + second · ends Sep 2055, second Dec 2056$456,455
New conventional · ends Dec 2056$449,620