Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,245/mo
Lowest payment- Down payment
- $129,958
- Funds due
- $141,224
- Interest + MI left
- $365,417
- First ends
- Jun 2055
Assumption
Assumption + second
$2,953/mo
+$708/mo- Down payment
- $41,958
- Funds due
- $54,669
- Interest + MI left
- $532,321
- First ends
- Jun 2055
New loan
New conventional
$2,881/mo
+$636/mo- Down payment
- $41,958
- Funds due
- $51,207
- Interest + MI left
- $538,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,042 | $280,042 | $368,042 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,800.75 | $1,800.75 | $2,493.24 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $130.58 | $130.58 | $73.61 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,245.33 | $2,953.40 | $2,880.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,958
Closing costs & prepaids$12,711
Usable credit−$0
Total buyer cash needed$54,669
Earnest money paid−$0
Remaining funds due$54,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$448.83
Prepaid interest, second (9 days)$195.29
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 6 moOf the original 30-year loan at 6.5%
Interest already paid$27,558Through Dec 2026
Assumption only · ends Jun 2055$365,417
Assumption + second · ends Jun 2055, second Jan 2057$532,321
New conventional · ends Jan 2057$538,065