Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,053/mo
Lowest payment- Down payment
- $40,732
- Funds due
- $50,491
- Interest + MI left
- $349,636
- First ends
- Jun 2056
Assumption
Assumption + second
$2,308/mo
+$255/mo- Down payment
- $15,732
- Funds due
- $26,757
- Interest + MI left
- $416,346
- First ends
- Jun 2056
New loan
New conventional
$2,319/mo
+$266/mo- Down payment
- $15,732
- Funds due
- $23,558
- Interest + MI left
- $431,066
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,267 | $258,267 | $283,267 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,633.16 | $1,633.16 | $1,961.28 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $118.92 | $118.92 | $56.65 |
| Taxes, insurance & HOA | $301.00 | $301.00 | $301.00 |
| Total housing payment | $2,053.08 | $2,307.83 | $2,318.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,732
Closing costs & prepaids$11,026
Usable credit−$0
Total buyer cash needed$26,757
Earnest money paid−$0
Remaining funds due$26,757
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,989.99
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)$453.00
Prepaid interest, first (2 days)$91.42
Prepaid interest, second (2 days)$16.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yr 7 moOf the original 30-year loan at 6.460%
Interest already paid$6,971Through Nov 2026
Assumption only · ends Jun 2056$349,636
Assumption + second · ends Jun 2056, second Dec 2056$416,346
New conventional · ends Dec 2056$431,066