Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,296/mo
Lowest payment- Down payment
- $172,526
- Funds due
- $182,804
- Interest + MI left
- $158,825
- First ends
- Sep 2055
Assumption
Assumption + second
$2,301/mo
+$1,005/mo- Down payment
- $35,526
- Funds due
- $47,234
- Interest + MI left
- $383,717
- First ends
- Sep 2055
New loan
New conventional
$2,483/mo
+$1,187/mo- Down payment
- $35,526
- Funds due
- $43,887
- Interest + MI left
- $459,750
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,474 | $177,474 | $314,474 |
| Second mortgage | — | $137,000 | — |
| First P&I | $923.07 | $923.07 | $2,130.36 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $83.01 | $83.01 | $62.89 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,296.08 | $2,301.34 | $2,483.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,526
Closing costs & prepaids$11,708
Usable credit−$0
Total buyer cash needed$47,234
Earnest money paid−$0
Remaining funds due$47,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$132.74
Prepaid interest, second (6 days)$180.16
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 9 moOf the original 30-year loan at 4.55%
Interest already paid$10,205Through Dec 2026
Assumption only · ends Sep 2055$158,825
Assumption + second · ends Sep 2055, second Jan 2057$383,717
New conventional · ends Jan 2057$459,750