Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,689/mo
Lowest payment- Down payment
- $51,367
- Funds due
- $62,525
- Interest + MI left
- $425,098
- First ends
- Jun 2055
Assumption
Assumption + second
$3,015/mo
+$326/mo- Down payment
- $19,367
- Funds due
- $31,827
- Interest + MI left
- $510,487
- First ends
- Jun 2055
New loan
New conventional
$2,910/mo
+$221/mo- Down payment
- $19,367
- Funds due
- $28,587
- Interest + MI left
- $514,507
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,633 | $318,633 | $350,633 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,075.82 | $2,075.82 | $2,375.31 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $148.51 | $148.51 | $70.13 |
| Taxes, insurance & HOA | $464.50 | $464.50 | $464.50 |
| Total housing payment | $2,688.83 | $3,014.91 | $2,909.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,367
Closing costs & prepaids$12,460
Usable credit−$0
Total buyer cash needed$31,827
Earnest money paid−$0
Remaining funds due$31,827
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$943.50
Prepaid interest, first (5 days)$289.39
Prepaid interest, second (5 days)$52.05
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 6.63%
Interest already paid$31,975Through Dec 2026
Assumption only · ends Jun 2055$425,098
Assumption + second · ends Jun 2055, second Jan 2057$510,487
New conventional · ends Jan 2057$514,507