Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,470/mo
Lowest payment- Down payment
- $129,302
- Funds due
- $140,854
- Interest + MI left
- $420,360
- First ends
- Jul 2055
Assumption
Assumption + second
$3,162/mo
+$692/mo- Down payment
- $43,302
- Funds due
- $56,295
- Interest + MI left
- $583,471
- First ends
- Jul 2055
New loan
New conventional
$3,019/mo
+$549/mo- Down payment
- $43,302
- Funds due
- $52,795
- Interest + MI left
- $565,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,698 | $300,698 | $386,698 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,008.34 | $2,008.34 | $2,619.63 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $139.91 | $139.91 | $77.34 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,470.24 | $3,162.22 | $3,018.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,302
Closing costs & prepaids$12,993
Usable credit−$0
Total buyer cash needed$56,295
Earnest money paid−$0
Remaining funds due$56,295
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Prepaid interest, first (9 days)$510.86
Prepaid interest, second (9 days)$190.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.89%
Interest already paid$29,589Through Dec 2026
Assumption only · ends Jul 2055$420,360
Assumption + second · ends Jul 2055, second Jan 2057$583,471
New conventional · ends Jan 2057$565,416