Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,707/mo
Lowest payment- Down payment
- $53,142
- Funds due
- $64,403
- Interest + MI left
- $449,498
- First ends
- Apr 2055
Assumption
Assumption + second
$3,043/mo
+$336/mo- Down payment
- $20,142
- Funds due
- $32,749
- Interest + MI left
- $537,556
- First ends
- Apr 2055
New loan
New conventional
$2,959/mo
+$252/mo- Down payment
- $20,142
- Funds due
- $29,518
- Interest + MI left
- $557,452
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,848 | $346,848 | $379,848 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,234.87 | $2,234.87 | $2,573.22 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $162.06 | $162.06 | $75.97 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,706.93 | $3,043.20 | $2,959.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,142
Closing costs & prepaids$12,607
Usable credit−$0
Total buyer cash needed$32,749
Earnest money paid−$0
Remaining funds due$32,749
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$480.00
Prepaid interest, first (9 days)$555.91
Prepaid interest, second (9 days)$96.63
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 6.5%
Interest already paid$37,965Through Dec 2026
Assumption only · ends Apr 2055$449,498
Assumption + second · ends Apr 2055, second Jan 2057$537,556
New conventional · ends Jan 2057$557,452