Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $252,773
- Funds due
- $265,960
- Interest + MI left
- $484,920
- First ends
- Dec 2055
Assumption
Assumption + second
$4,147/mo
+$1,365/mo- Down payment
- $66,773
- Funds due
- $81,291
- Interest + MI left
- $790,249
- First ends
- Dec 2055
New loan
New conventional
$4,379/mo
+$1,597/mo- Down payment
- $66,773
- Funds due
- $77,601
- Interest + MI left
- $896,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,302 | $405,302 | $591,302 |
| Second mortgage | — | $186,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $4,094.06 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | $185.76 | $185.76 | $118.26 |
| Taxes, insurance & HOA | $166.67 | $166.67 | $166.67 |
| Total housing payment | $2,781.93 | $4,146.73 | $4,378.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,773
Closing costs & prepaids$14,518
Usable credit−$0
Total buyer cash needed$81,291
Earnest money paid−$0
Remaining funds due$81,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,580.75
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
Prepaid interest, first (2 days)$130.83
Prepaid interest, second (2 days)$81.53
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 1 moOf the original 30-year loan at 5.891%
Interest already paid$22,026Through Nov 2026
Assumption only · ends Dec 2055$484,920
Assumption + second · ends Dec 2055, second Dec 2056$790,249
New conventional · ends Dec 2056$896,631