Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,050/mo
Lowest payment- Down payment
- $71,863
- Funds due
- $82,080
- Interest + MI left
- $340,746
- First ends
- Mar 2055
Assumption
Assumption + second
$2,364/mo
+$314/mo- Down payment
- $32,863
- Funds due
- $44,417
- Interest + MI left
- $414,715
- First ends
- Mar 2055
New loan
New conventional
$2,273/mo
+$223/mo- Down payment
- $32,863
- Funds due
- $41,039
- Interest + MI left
- $418,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,137 | $247,137 | $286,137 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,656.88 | $1,656.88 | $1,938.39 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $115.42 | $115.42 | $57.23 |
| Taxes, insurance & HOA | $277.58 | $277.58 | $277.58 |
| Total housing payment | $2,049.88 | $2,363.68 | $2,273.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,863
Closing costs & prepaids$11,554
Usable credit−$0
Total buyer cash needed$44,417
Earnest money paid−$0
Remaining funds due$44,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$382.75
Prepaid interest, first (9 days)$419.86
Prepaid interest, second (9 days)$86.55
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 3 moOf the original 30-year loan at 6.89%
Interest already paid$30,101Through Dec 2026
Assumption only · ends Mar 2055$340,746
Assumption + second · ends Mar 2055, second Jan 2057$414,715
New conventional · ends Jan 2057$418,322