Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
Lowest payment- Down payment
- $225,141
- Funds due
- $237,658
- Interest + MI left
- $316,660
- First ends
- May 2056
Assumption
Assumption + second
$3,520/mo
+$1,299/mo- Down payment
- $48,141
- Funds due
- $61,947
- Interest + MI left
- $607,214
- First ends
- May 2056
New loan
New conventional
$3,643/mo
+$1,422/mo- Down payment
- $48,141
- Funds due
- $58,422
- Interest + MI left
- $654,943
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,859 | $254,859 | $431,859 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,537.31 | $1,537.31 | $2,990.10 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | $117.52 | $117.52 | $86.37 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $2,221.50 | $3,520.26 | $3,643.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,141
Closing costs & prepaids$13,806
Usable credit−$0
Total buyer cash needed$61,947
Earnest money paid−$0
Remaining funds due$61,947
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,200.00
Prepaid interest, first (1 days)$41.89
Prepaid interest, second (1 days)$38.79
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 closing29 yr 6 moOf the original 30-year loan at 6.000%
Interest already paid$7,673Through Nov 2026
Assumption only · ends May 2056$316,660
Assumption + second · ends May 2056, second Dec 2056$607,214
New conventional · ends Dec 2056$654,943