Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $40,390
- Funds due
- $50,423
- Interest + MI left
- $349,953
- First ends
- Apr 2055
Assumption
Assumption + second
$2,472/mo
+$255/mo- Down payment
- $15,390
- Funds due
- $26,689
- Interest + MI left
- $416,663
- First ends
- Apr 2055
New loan
New conventional
$2,377/mo
+$160/mo- Down payment
- $15,390
- Funds due
- $23,485
- Interest + MI left
- $417,838
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,610 | $249,610 | $274,610 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,680.14 | $1,680.14 | $1,901.34 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $116.33 | $116.33 | $54.92 |
| Taxes, insurance & HOA | $420.83 | $420.83 | $420.83 |
| Total housing payment | $2,217.30 | $2,472.05 | $2,377.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,390
Closing costs & prepaids$11,299
Usable credit−$0
Total buyer cash needed$26,689
Earnest money paid−$0
Remaining funds due$26,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$812.50
Prepaid interest, first (2 days)$95.06
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 closing28 yr 5 moOf the original 30-year loan at 6.950%
Interest already paid$27,715Through Nov 2026
Assumption only · ends Apr 2055$349,953
Assumption + second · ends Apr 2055, second Dec 2056$416,663
New conventional · ends Dec 2056$417,838