Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,557/mo
Lowest payment- Down payment
- $99,213
- Funds due
- $112,018
- Interest + MI left
- $577,828
- First ends
- Nov 2054
Assumption
Assumption + second
$3,952/mo
+$394/mo- Down payment
- $50,213
- Funds due
- $64,280
- Interest + MI left
- $670,763
- First ends
- Nov 2054
New loan
New conventional
$3,788/mo
+$230/mo- Down payment
- $50,213
- Funds due
- $60,727
- Interest + MI left
- $682,132
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,787 | $400,787 | $449,787 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,784.77 | $2,784.77 | $3,114.23 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $189.17 | $189.17 | $89.96 |
| Taxes, insurance & HOA | $583.33 | $583.33 | $583.33 |
| Total housing payment | $3,557.28 | $3,951.54 | $3,787.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,213
Closing costs & prepaids$14,066
Usable credit−$0
Total buyer cash needed$64,280
Earnest money paid−$0
Remaining funds due$64,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,250.00
Prepaid interest, first (1 days)$79.39
Prepaid interest, second (1 days)$12.08
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 closing28 yrOf the original 31-year loan at 7.230%
Interest already paid$88,308Through Nov 2026
Assumption only · ends Nov 2054$577,828
Assumption + second · ends Nov 2054, second Dec 2056$670,763
New conventional · ends Dec 2056$682,132