Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,665/mo
Lowest payment- Down payment
- $56,400
- Funds due
- $67,614
- Interest + MI left
- $415,598
- First ends
- Jun 2055
Assumption
Assumption + second
$3,042/mo
+$377/mo- Down payment
- $19,400
- Funds due
- $31,924
- Interest + MI left
- $514,329
- First ends
- Jun 2055
New loan
New conventional
$2,948/mo
+$283/mo- Down payment
- $19,400
- Funds due
- $28,686
- Interest + MI left
- $521,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,500 | $318,500 | $355,500 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,048.04 | $2,048.04 | $2,408.28 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $148.51 | $148.51 | $71.10 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $2,665.22 | $3,042.25 | $2,948.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,400
Closing costs & prepaids$12,524
Usable credit−$0
Total buyer cash needed$31,924
Earnest money paid−$0
Remaining funds due$31,924
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$956.00
Prepaid interest, first (5 days)$283.60
Prepaid interest, second (5 days)$60.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.5%
Interest already paid$31,342Through Dec 2026
Assumption only · ends Jun 2055$415,598
Assumption + second · ends Jun 2055, second Jan 2057$514,329
New conventional · ends Jan 2057$521,648