Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,452/mo
Lowest payment- Down payment
- $110,482
- Funds due
- $123,899
- Interest + MI left
- $544,157
- First ends
- Dec 2055
Assumption
Assumption + second
$3,910/mo
+$459/mo- Down payment
- $53,482
- Funds due
- $68,205
- Interest + MI left
- $652,266
- First ends
- Dec 2055
New loan
New conventional
$3,917/mo
+$466/mo- Down payment
- $53,482
- Funds due
- $64,644
- Interest + MI left
- $688,397
- 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 | $476,418 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,640.13 | $2,640.13 | $3,204.89 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $194.47 | $194.47 | $95.28 |
| Taxes, insurance & HOA | $617.08 | $617.08 | $617.08 |
| Total housing payment | $3,451.68 | $3,910.32 | $3,917.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,482
Closing costs & prepaids$14,723
Usable credit−$0
Total buyer cash needed$68,205
Earnest money paid−$0
Remaining funds due$68,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$1,351.25
Prepaid interest, first (4 days)$291.87
Prepaid interest, second (4 days)$56.22
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$652,266
New conventional · ends Jan 2057$688,397