Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $110,855
- Funds due
- $123,662
- Interest + MI left
- $464,813
- First ends
- Apr 2056
Assumption
Assumption + second
$3,501/mo
+$499/mo- Down payment
- $48,855
- Funds due
- $62,988
- Interest + MI left
- $582,405
- First ends
- Apr 2056
New loan
New conventional
$3,581/mo
+$579/mo- Down payment
- $48,855
- Funds due
- $59,488
- Interest + MI left
- $630,173
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,045 | $369,045 | $431,045 |
| Second mortgage | — | $62,000 | — |
| First P&I | $2,256.69 | $2,256.69 | $2,920.05 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $170.50 | $170.50 | $86.21 |
| Taxes, insurance & HOA | $574.58 | $574.58 | $574.58 |
| Total housing payment | $3,001.77 | $3,500.64 | $3,580.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,855
Closing costs & prepaids$14,133
Usable credit−$0
Total buyer cash needed$62,988
Earnest money paid−$0
Remaining funds due$62,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$1,223.75
Prepaid interest, first (5 days)$308.89
Prepaid interest, second (5 days)$76.44
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 4 moOf the original 30-year loan at 6.11%
Interest already paid$15,100Through Dec 2026
Assumption only · ends Apr 2056$464,813
Assumption + second · ends Apr 2056, second Jan 2057$582,405
New conventional · ends Jan 2057$630,173