Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,842/mo
Lowest payment- Down payment
- $90,958
- Funds due
- $101,254
- Interest + MI left
- $249,487
- First ends
- Nov 2054
Assumption
Assumption + second
$2,341/mo
+$499/mo- Down payment
- $28,958
- Funds due
- $40,595
- Interest + MI left
- $367,078
- First ends
- Nov 2054
New loan
New conventional
$2,273/mo
+$431/mo- Down payment
- $28,958
- Funds due
- $37,257
- Interest + MI left
- $374,325
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,042 | $194,042 | $256,042 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,264.32 | $1,264.32 | $1,734.52 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $90.10 | $90.10 | $51.21 |
| Taxes, insurance & HOA | $487.25 | $487.25 | $487.25 |
| Total housing payment | $1,841.68 | $2,340.54 | $2,272.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,958
Closing costs & prepaids$11,638
Usable credit−$0
Total buyer cash needed$40,595
Earnest money paid−$0
Remaining funds due$40,595
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)$1,011.75
Prepaid interest, first (6 days)$209.25
Prepaid interest, second (6 days)$91.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing27 yr 11 moOf the original 29-year loan at 6.56%
Interest already paid$13,888Through Dec 2026
Assumption only · ends Nov 2054$249,487
Assumption + second · ends Nov 2054, second Jan 2057$367,078
New conventional · ends Jan 2057$374,325