Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $182,600
- Funds due
- $191,886
- Interest + MI left
- $69,616
- First ends
- Dec 2054
Assumption
Assumption + second
$1,901/mo
+$1,159/mo- Down payment
- $24,600
- Funds due
- $35,309
- Interest + MI left
- $328,981
- First ends
- Dec 2054
New loan
New conventional
$1,856/mo
+$1,115/mo- Down payment
- $24,600
- Funds due
- $32,003
- Interest + MI left
- $314,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,400 | $57,400 | $215,400 |
| Second mortgage | — | $158,000 | — |
| First P&I | $360.35 | $360.35 | $1,459.19 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $26.97 | $26.97 | $43.08 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $741.32 | $1,900.67 | $1,856.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,600
Closing costs & prepaids$10,709
Usable credit−$0
Total buyer cash needed$35,309
Earnest money paid−$0
Remaining funds due$35,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$612.00
Prepaid interest, first (5 days)$48.75
Prepaid interest, second (5 days)$173.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 30-year loan at 6.2%
Interest already paid$7,212Through Dec 2026
Assumption only · ends Dec 2054$69,616
Assumption + second · ends Dec 2054, second Jan 2057$328,981
New conventional · ends Jan 2057$314,907