Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,184/mo
Lowest payment- Down payment
- $58,987
- Funds due
- $69,357
- Interest + MI left
- $370,875
- First ends
- Sep 2055
Assumption
Assumption + second
$2,385/mo
+$201/mo- Down payment
- $33,987
- Funds due
- $45,663
- Interest + MI left
- $418,291
- First ends
- Sep 2055
New loan
New conventional
$2,346/mo
+$162/mo- Down payment
- $33,987
- Funds due
- $42,292
- Interest + MI left
- $432,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,013 | $271,013 | $296,013 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,776.39 | $1,776.39 | $2,005.30 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $125.92 | $125.92 | $59.20 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $2,184.30 | $2,385.46 | $2,346.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,987
Closing costs & prepaids$11,676
Usable credit−$0
Total buyer cash needed$45,663
Earnest money paid−$0
Remaining funds due$45,663
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$449.06
Prepaid interest, second (9 days)$55.48
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 9 moOf the original 30-year loan at 6.72%
Interest already paid$22,934Through Dec 2026
Assumption only · ends Sep 2055$370,875
Assumption + second · ends Sep 2055, second Jan 2057$418,291
New conventional · ends Jan 2057$432,761