Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,326/mo
Lowest payment- Down payment
- $251,661
- Funds due
- $262,415
- Interest + MI left
- $187,865
- First ends
- May 2055
Assumption
Assumption + second
$2,845/mo
+$1,519/mo- Down payment
- $39,661
- Funds due
- $51,710
- Interest + MI left
- $522,631
- First ends
- May 2055
New loan
New conventional
$2,855/mo
+$1,528/mo- Down payment
- $39,661
- Funds due
- $48,265
- Interest + MI left
- $534,275
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,339 | $140,339 | $352,339 |
| Second mortgage | — | $212,000 | — |
| First P&I | $916.11 | $916.11 | $2,439.52 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $65.41 | $65.41 | $70.47 |
| Taxes, insurance & HOA | $344.58 | $344.58 | $344.58 |
| Total housing payment | $1,326.10 | $2,844.89 | $2,854.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,661
Closing costs & prepaids$12,049
Usable credit−$0
Total buyer cash needed$51,710
Earnest money paid−$0
Remaining funds due$51,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$583.75
Prepaid interest, first (1 days)$25.57
Prepaid interest, second (1 days)$45.01
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 6 moOf the original 30-year loan at 6.650%
Interest already paid$14,125Through Nov 2026
Assumption only · ends May 2055$187,865
Assumption + second · ends May 2055, second Dec 2056$522,631
New conventional · ends Dec 2056$534,275