Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,631/mo
Lowest payment- Down payment
- $109,368
- Funds due
- $119,220
- Interest + MI left
- $243,006
- First ends
- Jul 2055
Assumption
Assumption + second
$2,275/mo
+$644/mo- Down payment
- $29,368
- Funds due
- $40,509
- Interest + MI left
- $394,737
- First ends
- Jul 2055
New loan
New conventional
$2,208/mo
+$577/mo- Down payment
- $29,368
- Funds due
- $37,164
- Interest + MI left
- $387,429
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,532 | $175,532 | $255,532 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,162.02 | $1,162.02 | $1,769.25 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $81.61 | $81.61 | $51.11 |
| Taxes, insurance & HOA | $387.42 | $387.42 | $387.42 |
| Total housing payment | $1,631.05 | $2,274.74 | $2,207.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,368
Closing costs & prepaids$11,141
Usable credit−$0
Total buyer cash needed$40,509
Earnest money paid−$0
Remaining funds due$40,509
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$712.25
Prepaid interest, first (2 days)$65.50
Prepaid interest, second (2 days)$39.45
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 closing28 yr 8 moOf the original 30-year loan at 6.810%
Interest already paid$16,062Through Nov 2026
Assumption only · ends Jul 2055$243,006
Assumption + second · ends Jul 2055, second Dec 2056$394,737
New conventional · ends Dec 2056$387,429