Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
Lowest payment- Down payment
- $130,581
- Funds due
- $144,250
- Interest + MI left
- $544,157
- First ends
- Dec 2055
Assumption
Assumption + second
$4,072/mo
+$603/mo- Down payment
- $55,581
- Funds due
- $70,574
- Interest + MI left
- $686,405
- First ends
- Dec 2055
New loan
New conventional
$4,059/mo
+$590/mo- Down payment
- $55,581
- Funds due
- $66,988
- Interest + MI left
- $714,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,418 | $419,418 | $494,418 |
| Second mortgage | — | $75,000 | — |
| First P&I | $2,640.13 | $2,640.13 | $3,325.98 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $194.47 | $194.47 | $98.88 |
| Taxes, insurance & HOA | $634.17 | $634.17 | $634.17 |
| Total housing payment | $3,468.76 | $4,072.23 | $4,059.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,581
Closing costs & prepaids$14,993
Usable credit−$0
Total buyer cash needed$70,574
Earnest money paid−$0
Remaining funds due$70,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.99
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)$1,402.50
Prepaid interest, first (4 days)$291.87
Prepaid interest, second (4 days)$73.97
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 6.35%
Interest already paid$26,802Through Dec 2026
Assumption only · ends Dec 2055$544,157
Assumption + second · ends Dec 2055, second Jan 2057$686,405
New conventional · ends Jan 2057$714,406