Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,678/mo
Lowest payment- Down payment
- $59,768
- Funds due
- $70,536
- Interest + MI left
- $466,292
- First ends
- Nov 2055
Assumption
Assumption + second
$3,075/mo
+$397/mo- Down payment
- $20,768
- Funds due
- $32,798
- Interest + MI left
- $570,359
- First ends
- Nov 2055
New loan
New conventional
$3,049/mo
+$372/mo- Down payment
- $20,768
- Funds due
- $29,545
- Interest + MI left
- $592,168
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,132 | $350,132 | $389,132 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,238.09 | $2,238.09 | $2,694.27 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $162.29 | $162.29 | $77.83 |
| Taxes, insurance & HOA | $277.17 | $277.17 | $277.17 |
| Total housing payment | $2,677.55 | $3,074.96 | $3,049.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,768
Closing costs & prepaids$12,031
Usable credit−$0
Total buyer cash needed$32,798
Earnest money paid−$0
Remaining funds due$32,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$381.50
Prepaid interest, first (1 days)$62.35
Prepaid interest, second (1 days)$12.69
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 yrOf the original 30-year loan at 6.500%
Interest already paid$22,899Through Nov 2026
Assumption only · ends Nov 2055$466,292
Assumption + second · ends Nov 2055, second Dec 2056$570,359
New conventional · ends Dec 2056$592,168