Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $110,561
- Funds due
- $120,333
- Interest + MI left
- $247,674
- First ends
- Nov 2055
Assumption
Assumption + second
$2,249/mo
+$652/mo- Down payment
- $29,561
- Funds due
- $40,622
- Interest + MI left
- $401,301
- First ends
- Nov 2055
New loan
New conventional
$2,214/mo
+$617/mo- Down payment
- $29,561
- Funds due
- $37,278
- Interest + MI left
- $401,040
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,439 | $183,439 | $264,439 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,182.14 | $1,182.14 | $1,830.92 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $85.01 | $85.01 | $52.89 |
| Taxes, insurance & HOA | $330.17 | $330.17 | $330.17 |
| Total housing payment | $1,597.32 | $2,249.06 | $2,213.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,561
Closing costs & prepaids$11,062
Usable credit−$0
Total buyer cash needed$40,622
Earnest money paid−$0
Remaining funds due$40,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,940.00
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)$540.50
Prepaid interest, first (2 days)$66.14
Prepaid interest, second (2 days)$39.95
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 yrOf the original 30-year loan at 6.580%
Interest already paid$12,144Through Nov 2026
Assumption only · ends Nov 2055$247,674
Assumption + second · ends Nov 2055, second Dec 2056$401,301
New conventional · ends Dec 2056$401,040