Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,247/mo
Lowest payment- Down payment
- $77,732
- Funds due
- $88,290
- Interest + MI left
- $354,114
- First ends
- May 2055
Assumption
Assumption + second
$2,601/mo
+$354/mo- Down payment
- $33,732
- Funds due
- $45,583
- Interest + MI left
- $437,566
- First ends
- May 2055
New loan
New conventional
$2,482/mo
+$235/mo- Down payment
- $33,732
- Funds due
- $42,191
- Interest + MI left
- $427,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,168 | $252,168 | $296,168 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,699.02 | $1,699.02 | $1,992.34 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $117.52 | $117.52 | $59.23 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $2,246.96 | $2,600.99 | $2,481.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,732
Closing costs & prepaids$11,851
Usable credit−$0
Total buyer cash needed$45,583
Earnest money paid−$0
Remaining funds due$45,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Prepaid interest, first (4 days)$192.34
Prepaid interest, second (4 days)$43.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 6.96%
Interest already paid$28,039Through Dec 2026
Assumption only · ends May 2055$354,114
Assumption + second · ends May 2055, second Jan 2057$437,566
New conventional · ends Jan 2057$427,887