Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,670/mo
Lowest payment- Down payment
- $54,373
- Funds due
- $65,352
- Interest + MI left
- $419,834
- First ends
- Feb 2055
Assumption
Assumption + second
$3,037/mo
+$367/mo- Down payment
- $18,373
- Funds due
- $30,638
- Interest + MI left
- $515,897
- First ends
- Feb 2055
New loan
New conventional
$2,861/mo
+$192/mo- Down payment
- $18,373
- Funds due
- $27,398
- Interest + MI left
- $502,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,627 | $310,627 | $346,627 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,064.17 | $2,064.17 | $2,331.78 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $145.27 | $145.27 | $69.33 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $2,669.69 | $3,036.53 | $2,861.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,373
Closing costs & prepaids$12,264
Usable credit−$0
Total buyer cash needed$30,638
Earnest money paid−$0
Remaining funds due$30,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Prepaid interest, first (3 days)$173.36
Prepaid interest, second (3 days)$35.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 6.79%
Interest already paid$39,087Through Dec 2026
Assumption only · ends Feb 2055$419,834
Assumption + second · ends Feb 2055, second Jan 2057$515,897
New conventional · ends Jan 2057$502,728