Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $78,573
- Funds due
- $89,157
- Interest + MI left
- $363,986
- First ends
- Nov 2055
Assumption
Assumption + second
$2,509/mo
+$346/mo- Down payment
- $35,573
- Funds due
- $47,502
- Interest + MI left
- $445,542
- First ends
- Nov 2055
New loan
New conventional
$2,483/mo
+$320/mo- Down payment
- $35,573
- Funds due
- $44,119
- Interest + MI left
- $459,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,427 | $271,427 | $314,427 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,747.30 | $1,747.30 | $2,130.04 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $125.92 | $125.92 | $62.89 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,163.22 | $2,509.21 | $2,482.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,573
Closing costs & prepaids$11,929
Usable credit−$0
Total buyer cash needed$47,502
Earnest money paid−$0
Remaining funds due$47,502
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)$439.04
Prepaid interest, second (9 days)$95.42
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 11 moOf the original 30-year loan at 6.56%
Interest already paid$19,417Through Dec 2026
Assumption only · ends Nov 2055$363,986
Assumption + second · ends Nov 2055, second Jan 2057$445,542
New conventional · ends Jan 2057$459,681