Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $89,287
- Funds due
- $100,054
- Interest + MI left
- $332,457
- First ends
- Apr 2056
Assumption
Assumption + second
$2,624/mo
+$434/mo- Down payment
- $35,287
- Funds due
- $47,331
- Interest + MI left
- $434,876
- First ends
- Apr 2056
New loan
New conventional
$2,710/mo
+$521/mo- Down payment
- $35,287
- Funds due
- $43,941
- Interest + MI left
- $477,283
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,713 | $260,713 | $314,713 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,601.02 | $1,601.02 | $2,179.01 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $120.32 | $120.32 | $62.94 |
| Taxes, insurance & HOA | $468.17 | $468.17 | $468.17 |
| Total housing payment | $2,189.50 | $2,624.00 | $2,710.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,287
Closing costs & prepaids$12,044
Usable credit−$0
Total buyer cash needed$47,331
Earnest money paid−$0
Remaining funds due$47,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$954.50
Prepaid interest, first (2 days)$88.00
Prepaid interest, second (2 days)$26.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 6.160%
Interest already paid$9,405Through Nov 2026
Assumption only · ends Apr 2056$332,457
Assumption + second · ends Apr 2056, second Dec 2056$434,876
New conventional · ends Dec 2056$477,283