Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $111,675
- Funds due
- $122,447
- Interest + MI left
- $333,308
- First ends
- Nov 2055
Assumption
Assumption + second
$2,639/mo
+$595/mo- Down payment
- $37,675
- Funds due
- $49,861
- Interest + MI left
- $473,659
- First ends
- Nov 2055
New loan
New conventional
$2,615/mo
+$572/mo- Down payment
- $37,675
- Funds due
- $46,454
- Interest + MI left
- $485,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,225 | $258,225 | $332,225 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,625.42 | $1,625.42 | $2,250.61 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $119.85 | $119.85 | $66.45 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $2,043.27 | $2,638.69 | $2,615.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,675
Closing costs & prepaids$12,186
Usable credit−$0
Total buyer cash needed$49,861
Earnest money paid−$0
Remaining funds due$49,861
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Prepaid interest, first (9 days)$403.68
Prepaid interest, second (9 days)$164.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 6.34%
Interest already paid$17,858Through Dec 2026
Assumption only · ends Nov 2055$333,308
Assumption + second · ends Nov 2055, second Jan 2057$473,659
New conventional · ends Jan 2057$485,701