Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,669/mo
Lowest payment- Down payment
- $100,215
- Funds due
- $111,834
- Interest + MI left
- $431,062
- First ends
- Sep 2055
Assumption
Assumption + second
$3,087/mo
+$418/mo- Down payment
- $48,215
- Funds due
- $61,097
- Interest + MI left
- $529,688
- First ends
- Sep 2055
New loan
New conventional
$3,319/mo
+$650/mo- Down payment
- $48,215
- Funds due
- $57,580
- Interest + MI left
- $647,163
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,785 | $374,785 | $426,785 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,215.92 | $2,215.92 | $2,954.97 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $174.42 | $174.42 | $85.36 |
| Taxes, insurance & HOA | $278.42 | $278.42 | $278.42 |
| Total housing payment | $2,668.76 | $3,087.16 | $3,318.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,215
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$61,097
Earnest money paid−$0
Remaining funds due$61,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$335.25
Prepaid interest, first (1 days)$58.84
Prepaid interest, second (1 days)$12.82
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 5.730%
Interest already paid$25,263Through Nov 2026
Assumption only · ends Sep 2055$431,062
Assumption + second · ends Sep 2055, second Dec 2056$529,688
New conventional · ends Dec 2056$647,163