Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
Lowest payment- Down payment
- $80,096
- Funds due
- $92,040
- Interest + MI left
- $461,497
- First ends
- Dec 2054
Assumption
Assumption + second
$3,331/mo
+$290/mo- Down payment
- $44,096
- Funds due
- $57,308
- Interest + MI left
- $529,777
- First ends
- Dec 2054
New loan
New conventional
$3,367/mo
+$325/mo- Down payment
- $44,096
- Funds due
- $53,832
- Interest + MI left
- $600,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,804 | $359,804 | $395,804 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,325.56 | $2,325.56 | $2,740.47 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $168.63 | $168.63 | $79.16 |
| Taxes, insurance & HOA | $547.50 | $547.50 | $547.50 |
| Total housing payment | $3,041.69 | $3,331.35 | $3,367.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,096
Closing costs & prepaids$13,212
Usable credit−$0
Total buyer cash needed$57,308
Earnest money paid−$0
Remaining funds due$57,308
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$1,192.50
Prepaid interest, first (2 days)$128.15
Prepaid interest, second (2 days)$17.75
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 1 moOf the original 30-year loan at 6.500%
Interest already paid$45,364Through Nov 2026
Assumption only · ends Dec 2054$461,497
Assumption + second · ends Dec 2054, second Dec 2056$529,777
New conventional · ends Dec 2056$600,263