Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,591/mo
Lowest payment- Down payment
- $80,680
- Funds due
- $91,892
- Interest + MI left
- $411,879
- First ends
- Apr 2055
Assumption
Assumption + second
$2,937/mo
+$346/mo- Down payment
- $37,680
- Funds due
- $50,195
- Interest + MI left
- $493,434
- First ends
- Apr 2055
New loan
New conventional
$2,821/mo
+$230/mo- Down payment
- $37,680
- Funds due
- $46,766
- Interest + MI left
- $493,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,320 | $294,320 | $337,320 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,984.89 | $1,984.89 | $2,285.12 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $137.29 | $137.29 | $67.46 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $2,590.93 | $2,936.92 | $2,821.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,680
Closing costs & prepaids$12,515
Usable credit−$0
Total buyer cash needed$50,195
Earnest money paid−$0
Remaining funds due$50,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$280.61
Prepaid interest, second (5 days)$53.01
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 4 moOf the original 30-year loan at 6.96%
Interest already paid$34,466Through Dec 2026
Assumption only · ends Apr 2055$411,879
Assumption + second · ends Apr 2055, second Jan 2057$493,434
New conventional · ends Jan 2057$493,218