Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $71,626
- Funds due
- $81,195
- Interest + MI left
- $342,255
- First ends
- Mar 2055
Assumption
Assumption + second
$2,272/mo
+$314/mo- Down payment
- $32,626
- Funds due
- $43,455
- Interest + MI left
- $416,224
- First ends
- Mar 2055
New loan
New conventional
$2,226/mo
+$268/mo- Down payment
- $32,626
- Funds due
- $40,080
- Interest + MI left
- $434,248
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,374 | $247,374 | $286,374 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,656.88 | $1,656.88 | $1,982.80 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $115.42 | $115.42 | $57.27 |
| Taxes, insurance & HOA | $185.75 | $185.75 | $185.75 |
| Total housing payment | $1,958.05 | $2,271.85 | $2,225.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,626
Closing costs & prepaids$10,829
Usable credit−$0
Total buyer cash needed$43,455
Earnest money paid−$0
Remaining funds due$43,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$107.25
Prepaid interest, first (1 days)$46.70
Prepaid interest, second (1 days)$9.62
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 4 moOf the original 30-year loan at 6.890%
Interest already paid$28,680Through Nov 2026
Assumption only · ends Mar 2055$342,255
Assumption + second · ends Mar 2055, second Dec 2056$416,224
New conventional · ends Dec 2056$434,248