Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $52,646
- Funds due
- $61,911
- Interest + MI left
- $250,661
- First ends
- Aug 2055
Assumption
Assumption + second
$1,875/mo
+$233/mo- Down payment
- $23,646
- Funds due
- $34,175
- Interest + MI left
- $305,664
- First ends
- Aug 2055
New loan
New conventional
$1,852/mo
+$210/mo- Down payment
- $23,646
- Funds due
- $30,892
- Interest + MI left
- $315,790
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,254 | $179,254 | $208,254 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,190.27 | $1,190.27 | $1,441.91 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $83.26 | $83.26 | $41.65 |
| Taxes, insurance & HOA | $368.08 | $368.08 | $368.08 |
| Total housing payment | $1,641.61 | $1,874.95 | $1,851.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,646
Closing costs & prepaids$10,530
Usable credit−$0
Total buyer cash needed$34,175
Earnest money paid−$0
Remaining funds due$34,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,319.00
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)$654.25
Prepaid interest, first (2 days)$67.28
Prepaid interest, second (2 days)$14.30
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 9 moOf the original 30-year loan at 6.850%
Interest already paid$15,459Through Nov 2026
Assumption only · ends Aug 2055$250,661
Assumption + second · ends Aug 2055, second Dec 2056$305,664
New conventional · ends Dec 2056$315,790