Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,266/mo
Lowest payment- Down payment
- $45,899
- Funds due
- $56,317
- Interest + MI left
- $355,958
- First ends
- Oct 2055
Assumption
Assumption + second
$2,572/mo
+$306/mo- Down payment
- $15,899
- Funds due
- $27,616
- Interest + MI left
- $436,010
- First ends
- Oct 2055
New loan
New conventional
$2,504/mo
+$238/mo- Down payment
- $15,899
- Funds due
- $24,412
- Interest + MI left
- $438,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,101 | $269,101 | $299,101 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,723.50 | $1,723.50 | $2,026.21 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $124.98 | $124.98 | $59.82 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $2,266.22 | $2,571.92 | $2,503.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,899
Closing costs & prepaids$11,717
Usable credit−$0
Total buyer cash needed$27,616
Earnest money paid−$0
Remaining funds due$27,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Prepaid interest, first (5 days)$239.61
Prepaid interest, second (5 days)$48.80
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 10 moOf the original 30-year loan at 6.5%
Interest already paid$20,554Through Dec 2026
Assumption only · ends Oct 2055$355,958
Assumption + second · ends Oct 2055, second Jan 2057$436,010
New conventional · ends Jan 2057$438,950