Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $54,009
- Funds due
- $63,374
- Interest + MI left
- $275,916
- First ends
- Feb 2055
Assumption
Assumption + second
$1,910/mo
+$233/mo- Down payment
- $25,009
- Funds due
- $35,688
- Interest + MI left
- $330,919
- First ends
- Feb 2055
New loan
New conventional
$1,819/mo
+$143/mo- Down payment
- $25,009
- Funds due
- $32,382
- Interest + MI left
- $328,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,991 | $195,991 | $224,991 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,334.61 | $1,334.61 | $1,524.17 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $91.57 | $91.57 | $45.00 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,676.19 | $1,909.53 | $1,819.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,009
Closing costs & prepaids$10,680
Usable credit−$0
Total buyer cash needed$35,688
Earnest money paid−$0
Remaining funds due$35,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (9 days)$340.22
Prepaid interest, second (9 days)$64.36
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 2 moOf the original 30-year loan at 7.04%
Interest already paid$25,558Through Dec 2026
Assumption only · ends Feb 2055$275,916
Assumption + second · ends Feb 2055, second Jan 2057$330,919
New conventional · ends Jan 2057$328,974