Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,976/mo
Lowest payment- Down payment
- $47,297
- Funds due
- $56,707
- Interest + MI left
- $340,270
- First ends
- Apr 2055
Assumption
Assumption + second
$2,302/mo
+$326/mo- Down payment
- $15,297
- Funds due
- $25,967
- Interest + MI left
- $425,659
- First ends
- Apr 2055
New loan
New conventional
$2,186/mo
+$210/mo- Down payment
- $15,297
- Funds due
- $22,763
- Interest + MI left
- $417,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,703 | $242,703 | $274,703 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,633.65 | $1,633.65 | $1,901.99 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $113.11 | $113.11 | $54.94 |
| Taxes, insurance & HOA | $229.50 | $229.50 | $229.50 |
| Total housing payment | $1,976.26 | $2,302.34 | $2,186.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,297
Closing costs & prepaids$10,670
Usable credit−$0
Total buyer cash needed$25,967
Earnest money paid−$0
Remaining funds due$25,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$238.50
Prepaid interest, first (1 days)$46.21
Prepaid interest, second (1 days)$10.41
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 5 moOf the original 30-year loan at 6.950%
Interest already paid$26,948Through Nov 2026
Assumption only · ends Apr 2055$340,270
Assumption + second · ends Apr 2055, second Dec 2056$425,659
New conventional · ends Dec 2056$417,979