Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,038/mo
Lowest payment- Down payment
- $99,848
- Funds due
- $110,403
- Interest + MI left
- $334,300
- First ends
- Jun 2055
Assumption
Assumption + second
$2,553/mo
+$515/mo- Down payment
- $35,848
- Funds due
- $47,795
- Interest + MI left
- $455,685
- First ends
- Jun 2055
New loan
New conventional
$2,481/mo
+$443/mo- Down payment
- $35,848
- Funds due
- $44,391
- Interest + MI left
- $459,279
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,152 | $250,152 | $314,152 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,631.31 | $1,631.31 | $2,128.18 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $116.59 | $116.59 | $62.83 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,037.90 | $2,552.86 | $2,481.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,848
Closing costs & prepaids$11,947
Usable credit−$0
Total buyer cash needed$47,795
Earnest money paid−$0
Remaining funds due$47,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$409.56
Prepaid interest, second (9 days)$142.03
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 6.64%
Interest already paid$25,141Through Dec 2026
Assumption only · ends Jun 2055$334,300
Assumption + second · ends Jun 2055, second Jan 2057$455,685
New conventional · ends Jan 2057$459,279