Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,216/mo
Lowest payment- Down payment
- $49,911
- Funds due
- $61,887
- Interest + MI left
- $521,251
- First ends
- Jan 2056
Assumption
Assumption + second
$3,491/mo
+$275/mo- Down payment
- $22,911
- Funds due
- $36,155
- Interest + MI left
- $593,298
- First ends
- Jan 2056
New loan
New conventional
$3,560/mo
+$344/mo- Down payment
- $22,911
- Funds due
- $32,892
- Interest + MI left
- $648,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,089 | $399,089 | $426,089 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,507.17 | $2,507.17 | $2,950.15 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $184.68 | $184.68 | $85.22 |
| Taxes, insurance & HOA | $524.17 | $524.17 | $524.17 |
| Total housing payment | $3,216.02 | $3,491.15 | $3,559.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,911
Closing costs & prepaids$13,244
Usable credit−$0
Total buyer cash needed$36,155
Earnest money paid−$0
Remaining funds due$36,155
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$1,122.50
Prepaid interest, first (2 days)$138.86
Prepaid interest, second (2 days)$17.57
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 closing29 yr 2 moOf the original 30-year loan at 6.350%
Interest already paid$21,231Through Nov 2026
Assumption only · ends Jan 2056$521,251
Assumption + second · ends Jan 2056, second Dec 2056$593,298
New conventional · ends Dec 2056$648,408