Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,149/mo
Lowest payment- Down payment
- $268,077
- Funds due
- $278,621
- Interest + MI left
- $174,944
- First ends
- Dec 2055
Assumption
Assumption + second
$2,782/mo
+$1,633/mo- Down payment
- $40,077
- Funds due
- $51,919
- Interest + MI left
- $534,975
- First ends
- Dec 2055
New loan
New conventional
$2,809/mo
+$1,660/mo- Down payment
- $40,077
- Funds due
- $48,470
- Interest + MI left
- $544,331
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,923 | $130,923 | $358,923 |
| Second mortgage | — | $228,000 | — |
| First P&I | $836.07 | $836.07 | $2,485.11 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $60.63 | $60.63 | $71.78 |
| Taxes, insurance & HOA | $251.92 | $251.92 | $251.92 |
| Total housing payment | $1,148.61 | $2,782.03 | $2,808.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,077
Closing costs & prepaids$11,842
Usable credit−$0
Total buyer cash needed$51,919
Earnest money paid−$0
Remaining funds due$51,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$305.75
Prepaid interest, first (1 days)$23.32
Prepaid interest, second (1 days)$48.41
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 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$7,845Through Nov 2026
Assumption only · ends Dec 2055$174,944
Assumption + second · ends Dec 2055, second Dec 2056$534,975
New conventional · ends Dec 2056$544,331