Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $43,910
- Funds due
- $53,900
- Interest + MI left
- $344,972
- First ends
- Mar 2055
Assumption
Assumption + second
$2,453/mo
+$296/mo- Down payment
- $14,910
- Funds due
- $26,187
- Interest + MI left
- $422,356
- First ends
- Mar 2055
New loan
New conventional
$2,263/mo
+$105/mo- Down payment
- $14,910
- Funds due
- $22,973
- Interest + MI left
- $391,669
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,090 | $241,090 | $270,090 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,652.96 | $1,652.96 | $1,816.91 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $112.51 | $112.51 | $54.02 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $2,157.71 | $2,453.22 | $2,263.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,910
Closing costs & prepaids$11,278
Usable credit−$0
Total buyer cash needed$26,187
Earnest money paid−$0
Remaining funds due$26,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$726.75
Prepaid interest, first (4 days)$188.12
Prepaid interest, second (4 days)$37.74
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 3 moOf the original 30-year loan at 7.12%
Interest already paid$30,331Through Dec 2026
Assumption only · ends Mar 2055$344,972
Assumption + second · ends Mar 2055, second Jan 2057$422,356
New conventional · ends Jan 2057$391,669