Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,083/mo
Lowest payment- Down payment
- $52,923
- Funds due
- $63,849
- Interest + MI left
- $272,236
- First ends
- Jul 2056
Assumption
Assumption + second
$2,419/mo
+$336/mo- Down payment
- $19,923
- Funds due
- $32,196
- Interest + MI left
- $360,294
- First ends
- Jul 2056
New loan
New conventional
$2,887/mo
+$804/mo- Down payment
- $19,923
- Funds due
- $29,172
- Interest + MI left
- $543,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,077 | $337,077 | $370,077 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,621.01 | $1,621.01 | $2,507.03 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $155.62 | $155.62 | $74.02 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,082.63 | $2,418.90 | $2,887.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,923
Closing costs & prepaids$12,272
Usable credit−$0
Total buyer cash needed$32,196
Earnest money paid−$0
Remaining funds due$32,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$332.46
Prepaid interest, second (9 days)$96.63
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 closing29 yr 7 moOf the original 30-year loan at 4%
Interest already paid$5,643Through Dec 2026
Assumption only · ends Jul 2056$272,236
Assumption + second · ends Jul 2056, second Jan 2057$360,294
New conventional · ends Jan 2057$543,038