Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,690/mo
Lowest payment- Down payment
- $73,825
- Funds due
- $83,129
- Interest + MI left
- $277,137
- First ends
- Feb 2055
Assumption
Assumption + second
$2,060/mo
+$370/mo- Down payment
- $27,825
- Funds due
- $38,390
- Interest + MI left
- $364,383
- First ends
- Feb 2055
New loan
New conventional
$1,989/mo
+$299/mo- Down payment
- $27,825
- Funds due
- $35,062
- Interest + MI left
- $367,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,175 | $196,175 | $242,175 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,334.61 | $1,334.61 | $1,676.77 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $91.57 | $91.57 | $48.44 |
| Taxes, insurance & HOA | $263.75 | $263.75 | $263.75 |
| Total housing payment | $1,689.94 | $2,060.06 | $1,988.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,825
Closing costs & prepaids$10,565
Usable credit−$0
Total buyer cash needed$38,390
Earnest money paid−$0
Remaining funds due$38,390
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$341.25
Prepaid interest, first (1 days)$37.84
Prepaid interest, second (1 days)$11.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.040%
Interest already paid$24,407Through Nov 2026
Assumption only · ends Feb 2055$277,137
Assumption + second · ends Feb 2055, second Dec 2056$364,383
New conventional · ends Dec 2056$367,178