Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,935/mo
Lowest payment- Down payment
- $193,660
- Funds due
- $205,306
- Interest + MI left
- $243,721
- First ends
- Nov 2054
Assumption
Assumption + second
$3,072/mo
+$1,137/mo- Down payment
- $38,660
- Funds due
- $51,760
- Interest + MI left
- $498,162
- First ends
- Nov 2054
New loan
New conventional
$3,021/mo
+$1,086/mo- Down payment
- $38,660
- Funds due
- $48,324
- Interest + MI left
- $506,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,340 | $191,340 | $346,340 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,239.31 | $1,239.31 | $2,346.23 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $89.87 | $89.87 | $69.27 |
| Taxes, insurance & HOA | $605.58 | $605.58 | $605.58 |
| Total housing payment | $1,934.76 | $3,072.09 | $3,021.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,660
Closing costs & prepaids$13,100
Usable credit−$0
Total buyer cash needed$51,760
Earnest money paid−$0
Remaining funds due$51,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,366.75
Prepaid interest, first (6 days)$204.45
Prepaid interest, second (6 days)$203.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$26,251Through Dec 2026
Assumption only · ends Nov 2054$243,721
Assumption + second · ends Nov 2054, second Jan 2057$498,162
New conventional · ends Jan 2057$506,406