Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,152/mo
Lowest payment- Down payment
- $72,910
- Funds due
- $83,181
- Interest + MI left
- $340,209
- First ends
- Jun 2055
Assumption
Assumption + second
$2,473/mo
+$322/mo- Down payment
- $32,910
- Funds due
- $44,450
- Interest + MI left
- $416,075
- First ends
- Jun 2055
New loan
New conventional
$2,444/mo
+$293/mo- Down payment
- $32,910
- Funds due
- $41,076
- Interest + MI left
- $434,518
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,590 | $246,590 | $286,590 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,633.96 | $1,633.96 | $1,984.29 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $114.76 | $114.76 | $57.32 |
| Taxes, insurance & HOA | $402.83 | $402.83 | $402.83 |
| Total housing payment | $2,151.56 | $2,473.41 | $2,444.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,910
Closing costs & prepaids$11,540
Usable credit−$0
Total buyer cash needed$44,450
Earnest money paid−$0
Remaining funds due$44,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,195.00
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)$758.50
Prepaid interest, first (2 days)$92.02
Prepaid interest, second (2 days)$19.73
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 7 moOf the original 30-year loan at 6.810%
Interest already paid$23,986Through Nov 2026
Assumption only · ends Jun 2055$340,209
Assumption + second · ends Jun 2055, second Dec 2056$416,075
New conventional · ends Dec 2056$434,518