Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,018/mo
Lowest payment- Down payment
- $80,472
- Funds due
- $92,474
- Interest + MI left
- $459,424
- First ends
- Dec 2054
Assumption
Assumption + second
$3,308/mo
+$290/mo- Down payment
- $44,472
- Funds due
- $57,760
- Interest + MI left
- $527,703
- First ends
- Dec 2054
New loan
New conventional
$3,263/mo
+$245/mo- Down payment
- $44,472
- Funds due
- $54,281
- Interest + MI left
- $571,371
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,428 | $359,428 | $395,428 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,325.56 | $2,325.56 | $2,660.07 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $168.63 | $168.63 | $79.09 |
| Taxes, insurance & HOA | $523.92 | $523.92 | $523.92 |
| Total housing payment | $3,018.11 | $3,307.77 | $3,263.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,472
Closing costs & prepaids$13,287
Usable credit−$0
Total buyer cash needed$57,760
Earnest money paid−$0
Remaining funds due$57,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$1,121.75
Prepaid interest, first (4 days)$256.03
Prepaid interest, second (4 days)$35.51
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$47,313Through Dec 2026
Assumption only · ends Dec 2054$459,424
Assumption + second · ends Dec 2054, second Jan 2057$527,703
New conventional · ends Jan 2057$571,371