Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $51,951
- Funds due
- $62,912
- Interest + MI left
- $296,947
- First ends
- Dec 2054
Assumption
Assumption + second
$2,764/mo
+$387/mo- Down payment
- $13,951
- Funds due
- $26,175
- Interest + MI left
- $398,347
- First ends
- Dec 2054
New loan
New conventional
$2,658/mo
+$282/mo- Down payment
- $13,951
- Funds due
- $22,985
- Interest + MI left
- $397,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,049 | $223,049 | $261,049 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,473.48 | $1,473.48 | $1,807.45 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $104.44 | $104.44 | $52.21 |
| Taxes, insurance & HOA | $798.42 | $798.42 | $798.42 |
| Total housing payment | $2,376.34 | $2,763.56 | $2,658.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,951
Closing costs & prepaids$12,224
Usable credit−$0
Total buyer cash needed$26,175
Earnest money paid−$0
Remaining funds due$26,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$1,945.25
Prepaid interest, first (1 days)$41.07
Prepaid interest, second (1 days)$12.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 6.720%
Interest already paid$29,060Through Nov 2026
Assumption only · ends Dec 2054$296,947
Assumption + second · ends Dec 2054, second Dec 2056$398,347
New conventional · ends Dec 2056$397,256