Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $91,893
- Funds due
- $100,513
- Interest + MI left
- $140,452
- First ends
- Apr 2055
Assumption
Assumption + second
$1,592/mo
+$571/mo- Down payment
- $20,893
- Funds due
- $30,781
- Interest + MI left
- $275,114
- First ends
- Apr 2055
New loan
New conventional
$1,551/mo
+$530/mo- Down payment
- $20,893
- Funds due
- $27,521
- Interest + MI left
- $271,369
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,007 | $108,007 | $179,007 |
| Second mortgage | — | $71,000 | — |
| First P&I | $695.22 | $695.22 | $1,239.41 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $50.41 | $50.41 | $35.80 |
| Taxes, insurance & HOA | $275.58 | $275.58 | $275.58 |
| Total housing payment | $1,021.21 | $1,592.50 | $1,550.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,893
Closing costs & prepaids$9,887
Usable credit−$0
Total buyer cash needed$30,781
Earnest money paid−$0
Remaining funds due$30,781
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,999.00
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)$376.75
Prepaid interest, first (1 days)$19.23
Prepaid interest, second (1 days)$17.51
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$11,225Through Nov 2026
Assumption only · ends Apr 2055$140,452
Assumption + second · ends Apr 2055, second Dec 2056$275,114
New conventional · ends Dec 2056$271,369