Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $55,425
- Funds due
- $64,827
- Interest + MI left
- $334,510
- First ends
- Jul 2056
Assumption
Assumption + second
$2,060/mo
+$201/mo- Down payment
- $30,425
- Funds due
- $41,083
- Interest + MI left
- $381,926
- First ends
- Jul 2056
New loan
New conventional
$2,115/mo
+$256/mo- Down payment
- $30,425
- Funds due
- $37,734
- Interest + MI left
- $408,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,575 | $244,575 | $269,575 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,551.54 | $1,551.54 | $1,866.48 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $112.51 | $112.51 | $53.92 |
| Taxes, insurance & HOA | $194.42 | $194.42 | $194.42 |
| Total housing payment | $1,858.46 | $2,059.62 | $2,114.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,425
Closing costs & prepaids$10,658
Usable credit−$0
Total buyer cash needed$41,083
Earnest money paid−$0
Remaining funds due$41,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$133.25
Prepaid interest, first (1 days)$43.55
Prepaid interest, second (1 days)$6.16
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 closing29 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$5,311Through Nov 2026
Assumption only · ends Jul 2056$334,510
Assumption + second · ends Jul 2056, second Dec 2056$381,926
New conventional · ends Dec 2056$408,775