Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,683/mo
Lowest payment- Down payment
- $59,778
- Funds due
- $70,333
- Interest + MI left
- $470,624
- First ends
- Feb 2055
Assumption
Assumption + second
$3,080/mo
+$397/mo- Down payment
- $20,778
- Funds due
- $32,595
- Interest + MI left
- $574,691
- First ends
- Feb 2055
New loan
New conventional
$2,940/mo
+$257/mo- Down payment
- $20,778
- Funds due
- $29,337
- Interest + MI left
- $577,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,222 | $340,222 | $379,222 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,285.42 | $2,285.42 | $2,625.66 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $158.89 | $158.89 | $75.84 |
| Taxes, insurance & HOA | $238.42 | $238.42 | $238.42 |
| Total housing payment | $2,682.72 | $3,080.13 | $2,939.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,778
Closing costs & prepaids$11,817
Usable credit−$0
Total buyer cash needed$32,595
Earnest money paid−$0
Remaining funds due$32,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$265.25
Prepaid interest, first (1 days)$64.41
Prepaid interest, second (1 days)$12.69
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 3 moOf the original 30-year loan at 6.910%
Interest already paid$41,557Through Nov 2026
Assumption only · ends Feb 2055$470,624
Assumption + second · ends Feb 2055, second Dec 2056$574,691
New conventional · ends Dec 2056$577,088