Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,675/mo
Lowest payment- Down payment
- $71,060
- Funds due
- $82,181
- Interest + MI left
- $421,756
- First ends
- Mar 2055
Assumption
Assumption + second
$2,941/mo
+$266/mo- Down payment
- $38,060
- Funds due
- $50,447
- Interest + MI left
- $484,345
- First ends
- Mar 2055
New loan
New conventional
$2,894/mo
+$219/mo- Down payment
- $38,060
- Funds due
- $47,022
- Interest + MI left
- $510,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,840 | $303,840 | $336,840 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,039.08 | $2,039.08 | $2,332.21 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $141.76 | $141.76 | $67.37 |
| Taxes, insurance & HOA | $494.17 | $494.17 | $494.17 |
| Total housing payment | $2,675.01 | $2,940.53 | $2,893.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,060
Closing costs & prepaids$12,388
Usable credit−$0
Total buyer cash needed$50,447
Earnest money paid−$0
Remaining funds due$50,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$1,032.50
Prepaid interest, first (2 days)$115.04
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 4 moOf the original 30-year loan at 6.910%
Interest already paid$35,328Through Nov 2026
Assumption only · ends Mar 2055$421,756
Assumption + second · ends Mar 2055, second Dec 2056$484,345
New conventional · ends Dec 2056$510,773