Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,405/mo
+$312/mo- Down payment
- $170,041
- Funds due
- $185,062
- Interest + MI left
- $258,070
- First ends
- Nov 2040
Assumption
Assumption + second
$6,146/mo
+$1,053/mo- Down payment
- $69,041
- Funds due
- $85,334
- Interest + MI left
- $423,866
- First ends
- Nov 2040
New loan
New conventional
$5,093/mo
Lowest payment- Down payment
- $69,041
- Funds due
- $81,616
- Interest + MI left
- $933,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,850 | $514,850 | $615,850 |
| Second mortgage | — | $101,000 | — |
| First P&I | $4,452.47 | $4,452.47 | $4,264.02 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $246.70 | $246.70 | $123.17 |
| Taxes, insurance & HOA | $705.67 | $705.67 | $705.67 |
| Total housing payment | $5,404.83 | $6,145.94 | $5,092.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,041
Closing costs & prepaids$16,293
Usable credit−$0
Total buyer cash needed$85,334
Earnest money paid−$0
Remaining funds due$85,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,848.91
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)$1,617.00
Prepaid interest, first (1 days)$80.26
Prepaid interest, second (1 days)$22.14
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 closing14 yrOf the original 15-year loan at 5.690%
Interest already paid$30,023Through Nov 2026
Assumption only · ends Nov 2040$258,070
Assumption + second · ends Nov 2040, second Dec 2056$423,866
New conventional · ends Dec 2056$933,978