Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $76,209
- Funds due
- $85,841
- Interest + MI left
- $317,027
- First ends
- Apr 2055
Assumption
Assumption + second
$2,242/mo
+$354/mo- Down payment
- $32,209
- Funds due
- $43,102
- Interest + MI left
- $400,479
- First ends
- Apr 2055
New loan
New conventional
$2,255/mo
+$367/mo- Down payment
- $32,209
- Funds due
- $39,734
- Interest + MI left
- $436,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,791 | $243,791 | $287,791 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,569.24 | $1,569.24 | $1,992.61 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $113.79 | $113.79 | $57.56 |
| Taxes, insurance & HOA | $204.67 | $204.67 | $204.67 |
| Total housing payment | $1,887.69 | $2,241.73 | $2,254.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,209
Closing costs & prepaids$10,893
Usable credit−$0
Total buyer cash needed$43,102
Earnest money paid−$0
Remaining funds due$43,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$164.00
Prepaid interest, first (1 days)$43.41
Prepaid interest, second (1 days)$10.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 6.500%
Interest already paid$25,337Through Nov 2026
Assumption only · ends Apr 2055$317,027
Assumption + second · ends Apr 2055, second Dec 2056$400,479
New conventional · ends Dec 2056$436,454