Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,333/mo
Lowest payment- Down payment
- $47,313
- Funds due
- $57,535
- Interest + MI left
- $365,760
- First ends
- Dec 2054
Assumption
Assumption + second
$2,639/mo
+$306/mo- Down payment
- $17,313
- Funds due
- $28,795
- Interest + MI left
- $445,812
- First ends
- Dec 2054
New loan
New conventional
$2,631/mo
+$298/mo- Down payment
- $17,313
- Funds due
- $25,577
- Interest + MI left
- $491,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,677 | $292,677 | $322,677 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,863.44 | $1,863.44 | $2,234.15 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $137.26 | $137.26 | $64.54 |
| Taxes, insurance & HOA | $332.25 | $332.25 | $332.25 |
| Total housing payment | $2,332.95 | $2,638.65 | $2,630.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,313
Closing costs & prepaids$11,482
Usable credit−$0
Total buyer cash needed$28,795
Earnest money paid−$0
Remaining funds due$28,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.90
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)$546.75
Prepaid interest, first (1 days)$50.92
Prepaid interest, second (1 days)$9.76
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 1 moOf the original 30-year loan at 6.350%
Interest already paid$36,061Through Nov 2026
Assumption only · ends Dec 2054$365,760
Assumption + second · ends Dec 2054, second Dec 2056$445,812
New conventional · ends Dec 2056$491,039