Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,575/mo
Lowest payment- Down payment
- $86,463
- Funds due
- $97,863
- Interest + MI left
- $433,104
- First ends
- Sep 2055
Assumption
Assumption + second
$2,929/mo
+$354/mo- Down payment
- $42,463
- Funds due
- $55,210
- Interest + MI left
- $516,556
- First ends
- Sep 2055
New loan
New conventional
$2,914/mo
+$339/mo- Down payment
- $42,463
- Funds due
- $51,771
- Interest + MI left
- $544,636
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,537 | $328,537 | $372,537 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,106.25 | $2,106.25 | $2,523.70 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $152.73 | $152.73 | $74.51 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,574.98 | $2,929.01 | $2,914.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,463
Closing costs & prepaids$12,747
Usable credit−$0
Total buyer cash needed$55,210
Earnest money paid−$0
Remaining funds due$55,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$526.56
Prepaid interest, second (9 days)$97.64
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 6.5%
Interest already paid$26,900Through Dec 2026
Assumption only · ends Sep 2055$433,104
Assumption + second · ends Sep 2055, second Jan 2057$516,556
New conventional · ends Jan 2057$544,636