Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $169,454
- Funds due
- $181,090
- Interest + MI left
- $421,989
- First ends
- Sep 2056
Assumption
Assumption + second
$3,252/mo
+$888/mo- Down payment
- $48,454
- Funds due
- $61,366
- Interest + MI left
- $620,616
- First ends
- Sep 2056
New loan
New conventional
$3,324/mo
+$960/mo- Down payment
- $48,454
- Funds due
- $57,838
- Interest + MI left
- $646,649
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,446 | $305,446 | $426,446 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,938.15 | $1,938.15 | $2,952.63 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $140.25 | $140.25 | $85.29 |
| Taxes, insurance & HOA | $285.92 | $285.92 | $285.92 |
| Total housing payment | $2,364.31 | $3,252.17 | $3,323.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,454
Closing costs & prepaids$12,913
Usable credit−$0
Total buyer cash needed$61,366
Earnest money paid−$0
Remaining funds due$61,366
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$357.75
Prepaid interest, first (1 days)$54.56
Prepaid interest, second (1 days)$26.52
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 10 moOf the original 30-year loan at 6.520%
Interest already paid$3,324Through Nov 2026
Assumption only · ends Sep 2056$421,989
Assumption + second · ends Sep 2056, second Dec 2056$620,616
New conventional · ends Dec 2056$646,649