Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,660/mo
Lowest payment- Down payment
- $65,651
- Funds due
- $77,169
- Interest + MI left
- $415,301
- First ends
- Jun 2056
Assumption
Assumption + second
$2,861/mo
+$201/mo- Down payment
- $40,651
- Funds due
- $53,450
- Interest + MI left
- $462,717
- First ends
- Jun 2056
New loan
New conventional
$2,995/mo
+$335/mo- Down payment
- $40,651
- Funds due
- $50,042
- Interest + MI left
- $525,210
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,249 | $334,249 | $359,249 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,016.19 | $2,016.19 | $2,433.68 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $154.13 | $154.13 | $71.85 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $2,660.23 | $2,861.39 | $2,995.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,651
Closing costs & prepaids$12,799
Usable credit−$0
Total buyer cash needed$53,450
Earnest money paid−$0
Remaining funds due$53,450
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Prepaid interest, first (5 days)$274.73
Prepaid interest, second (5 days)$30.82
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 closing29 yr 6 moOf the original 30-year loan at 6%
Interest already paid$10,063Through Dec 2026
Assumption only · ends Jun 2056$415,301
Assumption + second · ends Jun 2056, second Jan 2057$462,717
New conventional · ends Jan 2057$525,210