Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,097/mo
Lowest payment- Down payment
- $92,596
- Funds due
- $102,719
- Interest + MI left
- $357,072
- First ends
- Mar 2055
Assumption
Assumption + second
$2,556/mo
+$459/mo- Down payment
- $35,596
- Funds due
- $46,997
- Interest + MI left
- $465,181
- First ends
- Mar 2055
New loan
New conventional
$2,486/mo
+$389/mo- Down payment
- $35,596
- Funds due
- $43,592
- Interest + MI left
- $475,236
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,404 | $256,404 | $313,404 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,724.11 | $1,724.11 | $2,169.95 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $119.62 | $119.62 | $62.68 |
| Taxes, insurance & HOA | $253.42 | $253.42 | $253.42 |
| Total housing payment | $2,097.14 | $2,555.78 | $2,486.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,596
Closing costs & prepaids$11,401
Usable credit−$0
Total buyer cash needed$46,997
Earnest money paid−$0
Remaining funds due$46,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$310.25
Prepaid interest, first (2 days)$97.36
Prepaid interest, second (2 days)$28.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 6.930%
Interest already paid$29,898Through Nov 2026
Assumption only · ends Mar 2055$357,072
Assumption + second · ends Mar 2055, second Dec 2056$465,181
New conventional · ends Dec 2056$475,236