Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $71,382
- Funds due
- $81,368
- Interest + MI left
- $299,136
- First ends
- Nov 2055
Assumption
Assumption + second
$2,273/mo
+$330/mo- Down payment
- $30,382
- Funds due
- $41,628
- Interest + MI left
- $376,898
- First ends
- Nov 2055
New loan
New conventional
$2,296/mo
+$352/mo- Down payment
- $30,382
- Funds due
- $38,278
- Interest + MI left
- $402,720
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,617 | $224,617 | $265,617 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,435.78 | $1,435.78 | $1,839.08 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $104.11 | $104.11 | $53.12 |
| Taxes, insurance & HOA | $403.58 | $403.58 | $403.58 |
| Total housing payment | $1,943.48 | $2,273.37 | $2,295.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,382
Closing costs & prepaids$11,246
Usable credit−$0
Total buyer cash needed$41,628
Earnest money paid−$0
Remaining funds due$41,628
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,959.99
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)$760.75
Prepaid interest, first (1 days)$40.00
Prepaid interest, second (1 days)$10.11
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 closing29 yrOf the original 30-year loan at 6.500%
Interest already paid$14,690Through Nov 2026
Assumption only · ends Nov 2055$299,136
Assumption + second · ends Nov 2055, second Dec 2056$376,898
New conventional · ends Dec 2056$402,720