Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $316,807
- Funds due
- $328,094
- Interest + MI left
- $102,414
- First ends
- May 2056
Assumption
Assumption + second
$3,006/mo
+$1,984/mo- Down payment
- $39,807
- Funds due
- $52,638
- Interest + MI left
- $539,821
- First ends
- May 2056
New loan
New conventional
$2,986/mo
+$1,965/mo- Down payment
- $39,807
- Funds due
- $49,181
- Interest + MI left
- $523,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,193 | $81,193 | $358,193 |
| Second mortgage | — | $277,000 | — |
| First P&I | $495.47 | $495.47 | $2,426.52 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $37.47 | $37.47 | $71.64 |
| Taxes, insurance & HOA | $488.33 | $488.33 | $488.33 |
| Total housing payment | $1,021.27 | $3,005.74 | $2,986.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,807
Closing costs & prepaids$12,832
Usable credit−$0
Total buyer cash needed$52,638
Earnest money paid−$0
Remaining funds due$52,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$1,015.00
Prepaid interest, first (5 days)$67.85
Prepaid interest, second (5 days)$294.08
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 5 moOf the original 30-year loan at 6.1%
Interest already paid$2,901Through Dec 2026
Assumption only · ends May 2056$102,414
Assumption + second · ends May 2056, second Jan 2057$539,821
New conventional · ends Jan 2057$523,737