Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,379/mo
Lowest payment- Down payment
- $99,457
- Funds due
- $110,542
- Interest + MI left
- $407,423
- First ends
- Aug 2055
Assumption
Assumption + second
$2,862/mo
+$483/mo- Down payment
- $39,457
- Funds due
- $51,925
- Interest + MI left
- $521,221
- First ends
- Aug 2055
New loan
New conventional
$2,750/mo
+$371/mo- Down payment
- $39,457
- Funds due
- $48,475
- Interest + MI left
- $512,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,443 | $290,443 | $350,443 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,938.04 | $1,938.04 | $2,374.02 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $135.01 | $135.01 | $70.09 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,379.05 | $2,861.83 | $2,750.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,457
Closing costs & prepaids$12,469
Usable credit−$0
Total buyer cash needed$51,925
Earnest money paid−$0
Remaining funds due$51,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (9 days)$493.44
Prepaid interest, second (9 days)$133.15
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 8 moOf the original 30-year loan at 6.89%
Interest already paid$26,886Through Dec 2026
Assumption only · ends Aug 2055$407,423
Assumption + second · ends Aug 2055, second Jan 2057$521,221
New conventional · ends Jan 2057$512,406