Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,995/mo
Lowest payment- Down payment
- $246,221
- Funds due
- $261,956
- Interest + MI left
- $652,856
- First ends
- Jan 2055
Assumption
Assumption + second
$5,249/mo
+$1,255/mo- Down payment
- $75,221
- Funds due
- $92,281
- Interest + MI left
- $933,562
- First ends
- Jan 2055
New loan
New conventional
$5,300/mo
+$1,305/mo- Down payment
- $75,221
- Funds due
- $88,497
- Interest + MI left
- $1,023,348
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $503,779 | $503,779 | $674,779 |
| Second mortgage | — | $171,000 | — |
| First P&I | $3,265.76 | $3,265.76 | $4,672.03 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $235.83 | $235.83 | $134.96 |
| Taxes, insurance & HOA | $493.17 | $493.17 | $493.17 |
| Total housing payment | $3,994.76 | $5,249.50 | $5,300.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,221
Closing costs & prepaids$17,060
Usable credit−$0
Total buyer cash needed$92,281
Earnest money paid−$0
Remaining funds due$92,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$829.50
Prepaid interest, first (2 days)$180.53
Prepaid interest, second (2 days)$74.96
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 2 moOf the original 30-year loan at 6.540%
Interest already paid$61,090Through Nov 2026
Assumption only · ends Jan 2055$652,856
Assumption + second · ends Jan 2055, second Dec 2056$933,562
New conventional · ends Dec 2056$1,023,348