Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $71,299
- Funds due
- $80,764
- Interest + MI left
- $172,426
- First ends
- Dec 2054
Assumption
Assumption + second
$1,862/mo
+$402/mo- Down payment
- $21,299
- Funds due
- $32,038
- Interest + MI left
- $267,258
- First ends
- Dec 2054
New loan
New conventional
$1,858/mo
+$399/mo- Down payment
- $21,299
- Funds due
- $28,779
- Interest + MI left
- $286,140
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,701 | $138,701 | $188,701 |
| Second mortgage | — | $50,000 | — |
| First P&I | $880.43 | $880.43 | $1,306.53 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $65.06 | $65.06 | $37.74 |
| Taxes, insurance & HOA | $513.92 | $513.92 | $513.92 |
| Total housing payment | $1,459.40 | $1,861.71 | $1,858.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,299
Closing costs & prepaids$10,739
Usable credit−$0
Total buyer cash needed$32,038
Earnest money paid−$0
Remaining funds due$32,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$1,091.75
Prepaid interest, first (2 days)$48.03
Prepaid interest, second (2 days)$24.66
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 1 moOf the original 30-year loan at 6.320%
Interest already paid$17,010Through Nov 2026
Assumption only · ends Dec 2054$172,426
Assumption + second · ends Dec 2054, second Dec 2056$267,258
New conventional · ends Dec 2056$286,140