Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,318/mo
Lowest payment- Down payment
- $362,570
- Funds due
- $381,456
- Interest + MI left
- $596,890
- First ends
- Nov 2055
Assumption
Assumption + second
$6,324/mo
+$2,006/mo- Down payment
- $82,570
- Funds due
- $103,063
- Interest + MI left
- $1,039,033
- First ends
- Nov 2055
New loan
New conventional
$6,371/mo
+$2,053/mo- Down payment
- $82,570
- Funds due
- $99,224
- Interest + MI left
- $1,085,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,430 | $462,430 | $742,430 |
| Second mortgage | — | $280,000 | — |
| First P&I | $2,910.81 | $2,910.81 | $5,029.48 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $214.63 | $214.63 | $148.49 |
| Taxes, insurance & HOA | $1,192.92 | $1,192.92 | $1,192.92 |
| Total housing payment | $4,318.36 | $6,324.31 | $6,370.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,570
Closing costs & prepaids$20,492
Usable credit−$0
Total buyer cash needed$103,063
Earnest money paid−$0
Remaining funds due$103,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,928.75
Prepaid interest, first (6 days)$481.94
Prepaid interest, second (6 days)$356.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 yr 11 moOf the original 30-year loan at 6.34%
Interest already paid$31,980Through Dec 2026
Assumption only · ends Nov 2055$596,890
Assumption + second · ends Nov 2055, second Jan 2057$1,039,033
New conventional · ends Jan 2057$1,085,555