Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $51,824
- Funds due
- $60,220
- Interest + MI left
- $194,789
- First ends
- Sep 2055
Assumption
Assumption + second
$1,472/mo
+$257/mo- Down payment
- $19,824
- Funds due
- $29,478
- Interest + MI left
- $255,482
- First ends
- Sep 2055
New loan
New conventional
$1,453/mo
+$239/mo- Down payment
- $19,824
- Funds due
- $26,231
- Interest + MI left
- $261,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,676 | $140,676 | $172,676 |
| Second mortgage | — | $32,000 | — |
| First P&I | $925.82 | $925.82 | $1,195.57 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $65.29 | $65.29 | $34.54 |
| Taxes, insurance & HOA | $223.25 | $223.25 | $223.25 |
| Total housing payment | $1,214.36 | $1,471.84 | $1,453.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,824
Closing costs & prepaids$9,654
Usable credit−$0
Total buyer cash needed$29,478
Earnest money paid−$0
Remaining funds due$29,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,925.00
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)$219.75
Prepaid interest, first (1 days)$26.09
Prepaid interest, second (1 days)$7.89
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 6.770%
Interest already paid$11,187Through Nov 2026
Assumption only · ends Sep 2055$194,789
Assumption + second · ends Sep 2055, second Dec 2056$255,482
New conventional · ends Dec 2056$261,806