Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,242/mo
Lowest payment- Down payment
- $52,692
- Funds due
- $62,575
- Interest + MI left
- $398,549
- First ends
- Jun 2055
Assumption
Assumption + second
$2,598/mo
+$357/mo- Down payment
- $17,692
- Funds due
- $28,848
- Interest + MI left
- $491,943
- First ends
- Jun 2055
New loan
New conventional
$2,534/mo
+$292/mo- Down payment
- $17,692
- Funds due
- $25,625
- Interest + MI left
- $505,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,208 | $297,208 | $332,208 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,936.28 | $1,936.28 | $2,300.14 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $138.38 | $138.38 | $66.44 |
| Taxes, insurance & HOA | $167.00 | $167.00 | $167.00 |
| Total housing payment | $2,241.66 | $2,598.31 | $2,533.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,692
Closing costs & prepaids$11,156
Usable credit−$0
Total buyer cash needed$28,848
Earnest money paid−$0
Remaining funds due$28,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$51.00
Prepaid interest, first (2 days)$108.13
Prepaid interest, second (2 days)$22.77
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 7 moOf the original 30-year loan at 6.640%
Interest already paid$28,196Through Nov 2026
Assumption only · ends Jun 2055$398,549
Assumption + second · ends Jun 2055, second Dec 2056$491,943
New conventional · ends Dec 2056$505,543