Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,589/mo
Lowest payment- Down payment
- $37,371
- Funds due
- $46,337
- Interest + MI left
- $242,324
- First ends
- Feb 2055
Assumption
Assumption + second
$1,854/mo
+$265/mo- Down payment
- $11,371
- Funds due
- $21,604
- Interest + MI left
- $311,703
- First ends
- Feb 2055
New loan
New conventional
$1,813/mo
+$224/mo- Down payment
- $11,371
- Funds due
- $18,443
- Interest + MI left
- $325,136
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,629 | $187,629 | $213,629 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,210.21 | $1,210.21 | $1,479.12 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $87.76 | $87.76 | $42.73 |
| Taxes, insurance & HOA | $291.50 | $291.50 | $291.50 |
| Total housing payment | $1,589.46 | $1,854.40 | $1,813.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,371
Closing costs & prepaids$10,233
Usable credit−$0
Total buyer cash needed$21,604
Earnest money paid−$0
Remaining funds due$21,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$424.50
Prepaid interest, first (2 days)$66.83
Prepaid interest, second (2 days)$16.92
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$21,576Through Nov 2026
Assumption only · ends Feb 2055$242,324
Assumption + second · ends Feb 2055, second Dec 2056$311,703
New conventional · ends Dec 2056$325,136