Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $117,401
- Funds due
- $127,892
- Interest + MI left
- $198,462
- First ends
- Oct 2055
Assumption
Assumption + second
$2,327/mo
+$676/mo- Down payment
- $33,401
- Funds due
- $45,246
- Interest + MI left
- $357,779
- First ends
- Oct 2055
New loan
New conventional
$2,491/mo
+$840/mo- Down payment
- $33,401
- Funds due
- $41,912
- Interest + MI left
- $432,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,599 | $211,599 | $295,599 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,124.12 | $1,124.12 | $2,002.49 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $97.24 | $97.24 | $59.12 |
| Taxes, insurance & HOA | $429.67 | $429.67 | $429.67 |
| Total housing payment | $1,651.03 | $2,326.91 | $2,491.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,401
Closing costs & prepaids$11,845
Usable credit−$0
Total buyer cash needed$45,246
Earnest money paid−$0
Remaining funds due$45,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$839.00
Prepaid interest, first (5 days)$137.68
Prepaid interest, second (5 days)$103.56
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 10 moOf the original 29-year loan at 4.75%
Interest already paid$1,679Through Dec 2026
Assumption only · ends Oct 2055$198,462
Assumption + second · ends Oct 2055, second Jan 2057$357,779
New conventional · ends Jan 2057$432,156