Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,316/mo
Lowest payment- Down payment
- $87,040
- Funds due
- $97,721
- Interest + MI left
- $384,928
- First ends
- Feb 2055
Assumption
Assumption + second
$2,718/mo
+$402/mo- Down payment
- $37,040
- Funds due
- $49,045
- Interest + MI left
- $479,761
- First ends
- Feb 2055
New loan
New conventional
$2,617/mo
+$300/mo- Down payment
- $37,040
- Funds due
- $45,625
- Interest + MI left
- $486,112
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,460 | $282,460 | $332,460 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,886.25 | $1,886.25 | $2,252.20 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $132.07 | $132.07 | $66.49 |
| Taxes, insurance & HOA | $297.83 | $297.83 | $297.83 |
| Total housing payment | $2,316.15 | $2,718.46 | $2,616.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,040
Closing costs & prepaids$12,005
Usable credit−$0
Total buyer cash needed$49,045
Earnest money paid−$0
Remaining funds due$49,045
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,695.00
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)$443.50
Prepaid interest, first (6 days)$317.59
Prepaid interest, second (6 days)$73.97
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 6.84%
Interest already paid$35,801Through Dec 2026
Assumption only · ends Feb 2055$384,928
Assumption + second · ends Feb 2055, second Jan 2057$479,761
New conventional · ends Jan 2057$486,112