Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,578/mo
Lowest payment- Down payment
- $72,912
- Funds due
- $84,044
- Interest + MI left
- $438,708
- First ends
- Apr 2055
Assumption
Assumption + second
$2,843/mo
+$266/mo- Down payment
- $39,912
- Funds due
- $52,367
- Interest + MI left
- $501,297
- First ends
- Apr 2055
New loan
New conventional
$2,748/mo
+$170/mo- Down payment
- $39,912
- Funds due
- $48,926
- Interest + MI left
- $511,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,088 | $317,088 | $350,088 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,123.81 | $2,123.81 | $2,371.62 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $147.95 | $147.95 | $70.02 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,577.76 | $2,843.29 | $2,747.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,912
Closing costs & prepaids$12,455
Usable credit−$0
Total buyer cash needed$52,367
Earnest money paid−$0
Remaining funds due$52,367
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$538.70
Prepaid interest, second (9 days)$73.23
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 4 moOf the original 30-year loan at 6.89%
Interest already paid$36,763Through Dec 2026
Assumption only · ends Apr 2055$438,708
Assumption + second · ends Apr 2055, second Jan 2057$501,297
New conventional · ends Jan 2057$511,817