Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,646/mo
Lowest payment- Down payment
- $64,324
- Funds due
- $73,842
- Interest + MI left
- $268,200
- First ends
- Sep 2055
Assumption
Assumption + second
$1,944/mo
+$298/mo- Down payment
- $27,324
- Funds due
- $38,174
- Interest + MI left
- $338,376
- First ends
- Sep 2055
New loan
New conventional
$1,914/mo
+$267/mo- Down payment
- $27,324
- Funds due
- $34,865
- Interest + MI left
- $347,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,676 | $200,676 | $237,676 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,296.98 | $1,296.98 | $1,610.10 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $93.27 | $93.27 | $47.54 |
| Taxes, insurance & HOA | $256.00 | $256.00 | $256.00 |
| Total housing payment | $1,646.25 | $1,943.96 | $1,913.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,324
Closing costs & prepaids$10,851
Usable credit−$0
Total buyer cash needed$38,174
Earnest money paid−$0
Remaining funds due$38,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (9 days)$325.59
Prepaid interest, second (9 days)$82.11
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 9 moOf the original 30-year loan at 6.58%
Interest already paid$16,631Through Dec 2026
Assumption only · ends Sep 2055$268,200
Assumption + second · ends Sep 2055, second Jan 2057$338,376
New conventional · ends Jan 2057$347,427