Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
Lowest payment- Down payment
- $60,104
- Funds due
- $71,195
- Interest + MI left
- $468,543
- First ends
- Feb 2055
Assumption
Assumption + second
$3,162/mo
+$408/mo- Down payment
- $20,104
- Funds due
- $32,523
- Interest + MI left
- $575,279
- First ends
- Feb 2055
New loan
New conventional
$2,960/mo
+$205/mo- Down payment
- $20,104
- Funds due
- $29,256
- Interest + MI left
- $557,522
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,896 | $339,896 | $379,896 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,285.42 | $2,285.42 | $2,573.55 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $158.89 | $158.89 | $75.98 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,754.30 | $3,161.90 | $2,959.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,104
Closing costs & prepaids$12,419
Usable credit−$0
Total buyer cash needed$32,523
Earnest money paid−$0
Remaining funds due$32,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$386.08
Prepaid interest, second (6 days)$78.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.91%
Interest already paid$43,516Through Dec 2026
Assumption only · ends Feb 2055$468,543
Assumption + second · ends Feb 2055, second Jan 2057$575,279
New conventional · ends Jan 2057$557,522