Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,742/mo
Lowest payment- Down payment
- $190,101
- Funds due
- $202,864
- Interest + MI left
- $422,185
- First ends
- Sep 2055
Assumption
Assumption + second
$3,769/mo
+$1,027/mo- Down payment
- $50,101
- Funds due
- $64,144
- Interest + MI left
- $652,003
- First ends
- Sep 2055
New loan
New conventional
$3,763/mo
+$1,021/mo- Down payment
- $50,101
- Funds due
- $60,596
- Interest + MI left
- $674,630
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,899 | $304,899 | $444,899 |
| Second mortgage | — | $140,000 | — |
| First P&I | $2,006.62 | $2,006.62 | $3,080.39 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $141.51 | $141.51 | $88.98 |
| Taxes, insurance & HOA | $593.67 | $593.67 | $593.67 |
| Total housing payment | $2,741.80 | $3,769.07 | $3,763.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,101
Closing costs & prepaids$14,043
Usable credit−$0
Total buyer cash needed$64,144
Earnest money paid−$0
Remaining funds due$64,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,281.00
Prepaid interest, first (1 days)$56.55
Prepaid interest, second (1 days)$30.68
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 10 moOf the original 30-year loan at 6.770%
Interest already paid$24,247Through Nov 2026
Assumption only · ends Sep 2055$422,185
Assumption + second · ends Sep 2055, second Dec 2056$652,003
New conventional · ends Dec 2056$674,630