Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,488/mo
Lowest payment- Down payment
- $75,896
- Funds due
- $86,948
- Interest + MI left
- $421,482
- First ends
- Jun 2055
Assumption
Assumption + second
$2,786/mo
+$298/mo- Down payment
- $38,896
- Funds due
- $51,280
- Interest + MI left
- $491,658
- First ends
- Jun 2055
New loan
New conventional
$2,718/mo
+$230/mo- Down payment
- $38,896
- Funds due
- $47,857
- Interest + MI left
- $506,061
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,104 | $309,104 | $346,104 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,040.01 | $2,040.01 | $2,344.63 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $144.01 | $144.01 | $69.22 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $2,488.02 | $2,785.73 | $2,717.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,896
Closing costs & prepaids$12,384
Usable credit−$0
Total buyer cash needed$51,280
Earnest money paid−$0
Remaining funds due$51,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (9 days)$515.23
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$31,620Through Dec 2026
Assumption only · ends Jun 2055$421,482
Assumption + second · ends Jun 2055, second Jan 2057$491,658
New conventional · ends Jan 2057$506,061