Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,833/mo
Lowest payment- Down payment
- $109,663
- Funds due
- $119,701
- Interest + MI left
- $287,675
- First ends
- Jan 2055
Assumption
Assumption + second
$2,453/mo
+$620/mo- Down payment
- $32,663
- Funds due
- $43,989
- Interest + MI left
- $433,717
- First ends
- Jan 2055
New loan
New conventional
$2,394/mo
+$561/mo- Down payment
- $32,663
- Funds due
- $40,614
- Interest + MI left
- $443,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,337 | $215,337 | $292,337 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,421.11 | $1,421.11 | $2,024.08 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $100.73 | $100.73 | $58.47 |
| Taxes, insurance & HOA | $311.25 | $311.25 | $311.25 |
| Total housing payment | $1,833.09 | $2,452.65 | $2,393.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,663
Closing costs & prepaids$11,326
Usable credit−$0
Total buyer cash needed$43,989
Earnest money paid−$0
Remaining funds due$43,989
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$483.75
Prepaid interest, first (2 days)$79.29
Prepaid interest, second (2 days)$37.97
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 2 moOf the original 30-year loan at 6.720%
Interest already paid$26,821Through Nov 2026
Assumption only · ends Jan 2055$287,675
Assumption + second · ends Jan 2055, second Dec 2056$433,717
New conventional · ends Dec 2056$443,349