Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $48,123
- Funds due
- $57,919
- Interest + MI left
- $398,376
- First ends
- Aug 2055
Assumption
Assumption + second
$2,552/mo
+$316/mo- Down payment
- $17,123
- Funds due
- $28,180
- Interest + MI left
- $481,096
- First ends
- Aug 2055
New loan
New conventional
$2,470/mo
+$234/mo- Down payment
- $17,123
- Funds due
- $24,959
- Interest + MI left
- $483,583
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,777 | $286,777 | $317,777 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,896.68 | $1,896.68 | $2,200.22 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $133.21 | $133.21 | $63.56 |
| Taxes, insurance & HOA | $206.42 | $206.42 | $206.42 |
| Total housing payment | $2,236.30 | $2,552.19 | $2,470.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,123
Closing costs & prepaids$11,057
Usable credit−$0
Total buyer cash needed$28,180
Earnest money paid−$0
Remaining funds due$28,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$169.25
Prepaid interest, first (1 days)$53.51
Prepaid interest, second (1 days)$10.09
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 closing28 yr 9 moOf the original 30-year loan at 6.810%
Interest already paid$24,590Through Nov 2026
Assumption only · ends Aug 2055$398,376
Assumption + second · ends Aug 2055, second Dec 2056$481,096
New conventional · ends Dec 2056$483,583