Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,638/mo
Lowest payment- Down payment
- $78,601
- Funds due
- $89,596
- Interest + MI left
- $437,904
- First ends
- May 2055
Assumption
Assumption + second
$2,952/mo
+$314/mo- Down payment
- $39,601
- Funds due
- $51,865
- Interest + MI left
- $511,873
- First ends
- May 2055
New loan
New conventional
$2,916/mo
+$278/mo- Down payment
- $39,601
- Funds due
- $48,426
- Interest + MI left
- $538,986
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,399 | $316,399 | $355,399 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,106.85 | $2,106.85 | $2,460.71 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $147.37 | $147.37 | $71.08 |
| Taxes, insurance & HOA | $383.83 | $383.83 | $383.83 |
| Total housing payment | $2,638.06 | $2,951.86 | $2,915.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,601
Closing costs & prepaids$12,264
Usable credit−$0
Total buyer cash needed$51,865
Earnest money paid−$0
Remaining funds due$51,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$701.50
Prepaid interest, first (2 days)$118.76
Prepaid interest, second (2 days)$19.23
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 6 moOf the original 30-year loan at 6.850%
Interest already paid$32,793Through Nov 2026
Assumption only · ends May 2055$437,904
Assumption + second · ends May 2055, second Dec 2056$511,873
New conventional · ends Dec 2056$538,986