Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,426/mo
Lowest payment- Down payment
- $89,599
- Funds due
- $100,148
- Interest + MI left
- $423,339
- First ends
- Jun 2055
Assumption
Assumption + second
$2,820/mo
+$394/mo- Down payment
- $40,599
- Funds due
- $52,410
- Interest + MI left
- $516,274
- First ends
- Jun 2055
New loan
New conventional
$2,795/mo
+$369/mo- Down payment
- $40,599
- Funds due
- $48,957
- Interest + MI left
- $543,468
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,401 | $309,401 | $358,401 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,040.01 | $2,040.01 | $2,481.50 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $144.01 | $144.01 | $71.68 |
| Taxes, insurance & HOA | $242.17 | $242.17 | $242.17 |
| Total housing payment | $2,426.19 | $2,820.45 | $2,795.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,599
Closing costs & prepaids$11,811
Usable credit−$0
Total buyer cash needed$52,410
Earnest money paid−$0
Remaining funds due$52,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$276.50
Prepaid interest, first (1 days)$57.30
Prepaid interest, second (1 days)$12.08
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$29,877Through Nov 2026
Assumption only · ends Jun 2055$423,339
Assumption + second · ends Jun 2055, second Dec 2056$516,274
New conventional · ends Dec 2056$543,468