Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,615/mo
Lowest payment- Down payment
- $46,723
- Funds due
- $57,792
- Interest + MI left
- $409,418
- First ends
- Dec 2055
Assumption
Assumption + second
$2,900/mo
+$285/mo- Down payment
- $18,723
- Funds due
- $31,079
- Interest + MI left
- $484,133
- First ends
- Dec 2055
New loan
New conventional
$2,886/mo
+$271/mo- Down payment
- $18,723
- Funds due
- $27,858
- Interest + MI left
- $507,297
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,777 | $321,777 | $349,777 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,002.66 | $2,002.66 | $2,352.97 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $149.23 | $149.23 | $69.96 |
| Taxes, insurance & HOA | $463.25 | $463.25 | $463.25 |
| Total housing payment | $2,615.14 | $2,900.46 | $2,886.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,723
Closing costs & prepaids$12,356
Usable credit−$0
Total buyer cash needed$31,079
Earnest money paid−$0
Remaining funds due$31,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,685.00
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)$939.75
Prepaid interest, first (4 days)$220.04
Prepaid interest, second (4 days)$36.44
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 6.24%
Interest already paid$20,209Through Dec 2026
Assumption only · ends Dec 2055$409,418
Assumption + second · ends Dec 2055, second Jan 2057$484,133
New conventional · ends Jan 2057$507,297