Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$731/mo
Lowest payment- Down payment
- $266,448
- Funds due
- $276,475
- Interest + MI left
- $88,144
- First ends
- Sep 2055
Assumption
Assumption + second
$2,400/mo
+$1,669/mo- Down payment
- $33,448
- Funds due
- $45,170
- Interest + MI left
- $456,070
- First ends
- Sep 2055
New loan
New conventional
$2,350/mo
+$1,618/mo- Down payment
- $33,448
- Funds due
- $41,758
- Interest + MI left
- $433,462
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,452 | $63,452 | $296,452 |
| Second mortgage | — | $233,000 | — |
| First P&I | $419.66 | $419.66 | $2,008.27 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $29.47 | $29.47 | $59.29 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $731.13 | $2,400.37 | $2,349.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,448
Closing costs & prepaids$11,722
Usable credit−$0
Total buyer cash needed$45,170
Earnest money paid−$0
Remaining funds due$45,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Prepaid interest, first (9 days)$106.55
Prepaid interest, second (9 days)$445.25
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 6.81%
Interest already paid$5,441Through Dec 2026
Assumption only · ends Sep 2055$88,144
Assumption + second · ends Sep 2055, second Jan 2057$456,070
New conventional · ends Jan 2057$433,462