Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $43,338
- Funds due
- $53,226
- Interest + MI left
- $348,401
- First ends
- Jul 2055
Assumption
Assumption + second
$2,425/mo
+$285/mo- Down payment
- $15,338
- Funds due
- $26,494
- Interest + MI left
- $423,116
- First ends
- Jul 2055
New loan
New conventional
$2,349/mo
+$209/mo- Down payment
- $15,338
- Funds due
- $23,293
- Interest + MI left
- $425,580
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,662 | $251,662 | $279,662 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,666.00 | $1,666.00 | $1,936.32 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $117.01 | $117.01 | $55.93 |
| Taxes, insurance & HOA | $356.58 | $356.58 | $356.58 |
| Total housing payment | $2,139.59 | $2,424.91 | $2,348.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,338
Closing costs & prepaids$11,157
Usable credit−$0
Total buyer cash needed$26,494
Earnest money paid−$0
Remaining funds due$26,494
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$619.75
Prepaid interest, first (2 days)$93.91
Prepaid interest, second (2 days)$18.22
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 8 moOf the original 30-year loan at 6.810%
Interest already paid$23,028Through Nov 2026
Assumption only · ends Jul 2055$348,401
Assumption + second · ends Jul 2055, second Dec 2056$423,116
New conventional · ends Dec 2056$425,580