Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $46,278
- Funds due
- $55,586
- Interest + MI left
- $299,021
- First ends
- Jan 2055
Assumption
Assumption + second
$2,197/mo
+$346/mo- Down payment
- $12,278
- Funds due
- $22,847
- Interest + MI left
- $389,747
- First ends
- Jan 2055
New loan
New conventional
$1,987/mo
+$136/mo- Down payment
- $12,278
- Funds due
- $19,669
- Interest + MI left
- $346,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,722 | $193,722 | $227,722 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,395.57 | $1,395.57 | $1,576.70 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $91.08 | $91.08 | $45.54 |
| Taxes, insurance & HOA | $364.33 | $364.33 | $364.33 |
| Total housing payment | $1,850.98 | $2,197.44 | $1,986.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,278
Closing costs & prepaids$10,570
Usable credit−$0
Total buyer cash needed$22,847
Earnest money paid−$0
Remaining funds due$22,847
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$643.00
Prepaid interest, first (1 days)$40.50
Prepaid interest, second (1 days)$11.06
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 2 moOf the original 31-year loan at 7.630%
Interest already paid$42,455Through Nov 2026
Assumption only · ends Jan 2055$299,021
Assumption + second · ends Jan 2055, second Dec 2056$389,747
New conventional · ends Dec 2056$346,540