Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,164/mo
Lowest payment- Down payment
- $51,127
- Funds due
- $61,493
- Interest + MI left
- $340,429
- First ends
- Nov 2055
Assumption
Assumption + second
$2,500/mo
+$336/mo- Down payment
- $18,127
- Funds due
- $29,808
- Interest + MI left
- $428,486
- First ends
- Nov 2055
New loan
New conventional
$2,568/mo
+$404/mo- Down payment
- $18,127
- Funds due
- $26,621
- Interest + MI left
- $479,642
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,873 | $293,873 | $326,873 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,739.26 | $1,739.26 | $2,214.35 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $136.60 | $136.60 | $65.37 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $2,163.86 | $2,500.13 | $2,567.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,127
Closing costs & prepaids$11,681
Usable credit−$0
Total buyer cash needed$29,808
Earnest money paid−$0
Remaining funds due$29,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (6 days)$277.77
Prepaid interest, second (6 days)$64.42
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 11 moOf the original 30-year loan at 5.75%
Interest already paid$18,447Through Dec 2026
Assumption only · ends Nov 2055$340,429
Assumption + second · ends Nov 2055, second Jan 2057$428,486
New conventional · ends Jan 2057$479,642