Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,869/mo
Lowest payment- Down payment
- $126,800
- Funds due
- $138,968
- Interest + MI left
- $481,691
- First ends
- Feb 2056
Assumption
Assumption + second
$3,480/mo
+$612/mo- Down payment
- $50,800
- Funds due
- $64,236
- Interest + MI left
- $625,836
- First ends
- Feb 2056
New loan
New conventional
$3,595/mo
+$726/mo- Down payment
- $50,800
- Funds due
- $60,688
- Interest + MI left
- $688,820
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,197 | $378,197 | $454,197 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,334.47 | $2,334.47 | $3,144.77 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $174.88 | $174.88 | $90.84 |
| Taxes, insurance & HOA | $359.50 | $359.50 | $359.50 |
| Total housing payment | $2,868.86 | $3,480.37 | $3,595.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,800
Closing costs & prepaids$13,436
Usable credit−$0
Total buyer cash needed$64,236
Earnest money paid−$0
Remaining funds due$64,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,049.97
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)$578.50
Prepaid interest, first (1 days)$64.14
Prepaid interest, second (1 days)$18.74
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 3 moOf the original 30-year loan at 6.190%
Interest already paid$17,645Through Nov 2026
Assumption only · ends Feb 2056$481,691
Assumption + second · ends Feb 2056, second Dec 2056$625,836
New conventional · ends Dec 2056$688,820