Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,264/mo
Lowest payment- Down payment
- $60,899
- Funds due
- $71,439
- Interest + MI left
- $341,074
- First ends
- Jan 2055
Assumption
Assumption + second
$2,489/mo
+$225/mo- Down payment
- $32,899
- Funds due
- $44,724
- Interest + MI left
- $394,180
- First ends
- Jan 2055
New loan
New conventional
$2,463/mo
+$200/mo- Down payment
- $32,899
- Funds due
- $41,361
- Interest + MI left
- $427,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,101 | $264,101 | $292,101 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,713.81 | $1,713.81 | $1,978.79 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $123.76 | $123.76 | $58.42 |
| Taxes, insurance & HOA | $426.25 | $426.25 | $426.25 |
| Total housing payment | $2,263.82 | $2,489.12 | $2,463.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,899
Closing costs & prepaids$11,825
Usable credit−$0
Total buyer cash needed$44,724
Earnest money paid−$0
Remaining funds due$44,724
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$828.75
Prepaid interest, first (5 days)$236.61
Prepaid interest, second (5 days)$34.52
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 1 moOf the original 30-year loan at 6.54%
Interest already paid$33,500Through Dec 2026
Assumption only · ends Jan 2055$341,074
Assumption + second · ends Jan 2055, second Jan 2057$394,180
New conventional · ends Jan 2057$427,100