Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,288/mo
Lowest payment- Down payment
- $251,799
- Funds due
- $262,644
- Interest + MI left
- $187,036
- First ends
- May 2055
Assumption
Assumption + second
$2,807/mo
+$1,519/mo- Down payment
- $39,799
- Funds due
- $52,300
- Interest + MI left
- $521,802
- First ends
- May 2055
New loan
New conventional
$2,763/mo
+$1,475/mo- Down payment
- $39,799
- Funds due
- $48,840
- Interest + MI left
- $514,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,201 | $140,201 | $352,201 |
| Second mortgage | — | $212,000 | — |
| First P&I | $916.11 | $916.11 | $2,385.93 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | $65.41 | $65.41 | $70.44 |
| Taxes, insurance & HOA | $306.83 | $306.83 | $306.83 |
| Total housing payment | $1,288.35 | $2,807.14 | $2,763.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,799
Closing costs & prepaids$12,501
Usable credit−$0
Total buyer cash needed$52,300
Earnest money paid−$0
Remaining funds due$52,300
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,920.00
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)$470.50
Prepaid interest, first (9 days)$229.89
Prepaid interest, second (9 days)$405.12
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 5 moOf the original 30-year loan at 6.65%
Interest already paid$14,903Through Dec 2026
Assumption only · ends May 2055$187,036
Assumption + second · ends May 2055, second Jan 2057$521,802
New conventional · ends Jan 2057$514,906