Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,196/mo
Lowest payment- Down payment
- $55,339
- Funds due
- $67,546
- Interest + MI left
- $478,654
- First ends
- Dec 2054
Assumption
Assumption + second
$3,522/mo
+$326/mo- Down payment
- $23,339
- Funds due
- $36,848
- Interest + MI left
- $564,043
- First ends
- Dec 2054
New loan
New conventional
$3,508/mo
+$313/mo- Down payment
- $23,339
- Funds due
- $33,598
- Interest + MI left
- $626,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,661 | $394,661 | $426,661 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,477.66 | $2,477.66 | $2,890.35 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $185.41 | $185.41 | $85.33 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $3,195.58 | $3,521.66 | $3,508.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,339
Closing costs & prepaids$13,510
Usable credit−$0
Total buyer cash needed$36,848
Earnest money paid−$0
Remaining funds due$36,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (5 days)$335.19
Prepaid interest, second (5 days)$52.05
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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$49,588Through Dec 2026
Assumption only · ends Dec 2054$478,654
Assumption + second · ends Dec 2054, second Jan 2057$564,043
New conventional · ends Jan 2057$626,068