Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,070/mo
Lowest payment- Down payment
- $183,040
- Funds due
- $194,375
- Interest + MI left
- $307,626
- First ends
- Jan 2055
Assumption
Assumption + second
$3,090/mo
+$1,020/mo- Down payment
- $44,040
- Funds due
- $56,686
- Interest + MI left
- $535,802
- First ends
- Jan 2055
New loan
New conventional
$3,179/mo
+$1,109/mo- Down payment
- $44,040
- Funds due
- $53,210
- Interest + MI left
- $600,485
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,950 | $256,950 | $395,950 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,591.60 | $1,591.60 | $2,741.48 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $120.51 | $120.51 | $79.19 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $2,070.35 | $3,090.28 | $3,178.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,040
Closing costs & prepaids$12,646
Usable credit−$0
Total buyer cash needed$56,686
Earnest money paid−$0
Remaining funds due$56,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.90
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)$624.75
Prepaid interest, first (2 days)$85.74
Prepaid interest, second (2 days)$60.93
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 2 moOf the original 30-year loan at 6.090%
Interest already paid$29,043Through Nov 2026
Assumption only · ends Jan 2055$307,626
Assumption + second · ends Jan 2055, second Dec 2056$535,802
New conventional · ends Dec 2056$600,485