Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,515/mo
Lowest payment- Down payment
- $135,345
- Funds due
- $149,083
- Interest + MI left
- $558,745
- First ends
- Dec 2055
Assumption
Assumption + second
$4,150/mo
+$636/mo- Down payment
- $56,345
- Funds due
- $71,411
- Interest + MI left
- $708,580
- First ends
- Dec 2055
New loan
New conventional
$4,092/mo
+$577/mo- Down payment
- $56,345
- Funds due
- $67,809
- Interest + MI left
- $720,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,555 | $419,555 | $498,555 |
| Second mortgage | — | $79,000 | — |
| First P&I | $2,681.85 | $2,681.85 | $3,353.81 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $194.47 | $194.47 | $99.71 |
| Taxes, insurance & HOA | $638.33 | $638.33 | $638.33 |
| Total housing payment | $3,514.65 | $4,150.30 | $4,091.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,345
Closing costs & prepaids$15,066
Usable credit−$0
Total buyer cash needed$71,411
Earnest money paid−$0
Remaining funds due$71,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,549.00
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)$1,415.00
Prepaid interest, first (4 days)$298.86
Prepaid interest, second (4 days)$77.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 yrOf the original 30-year loan at 6.5%
Interest already paid$27,440Through Dec 2026
Assumption only · ends Dec 2055$558,745
Assumption + second · ends Dec 2055, second Jan 2057$708,580
New conventional · ends Jan 2057$720,384