Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,393/mo
Lowest payment- Down payment
- $141,957
- Funds due
- $153,273
- Interest + MI left
- $400,237
- First ends
- Dec 2054
Assumption
Assumption + second
$3,165/mo
+$772/mo- Down payment
- $45,957
- Funds due
- $58,570
- Interest + MI left
- $582,314
- First ends
- Dec 2054
New loan
New conventional
$3,137/mo
+$744/mo- Down payment
- $45,957
- Funds due
- $55,067
- Interest + MI left
- $618,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,043 | $312,043 | $408,043 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,016.85 | $2,016.85 | $2,825.21 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $146.25 | $146.25 | $81.61 |
| Taxes, insurance & HOA | $229.83 | $229.83 | $229.83 |
| Total housing payment | $2,392.94 | $3,165.37 | $3,136.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,957
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$58,570
Earnest money paid−$0
Remaining funds due$58,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$189.50
Prepaid interest, first (2 days)$111.14
Prepaid interest, second (2 days)$47.34
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 closing28 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$39,342Through Nov 2026
Assumption only · ends Dec 2054$400,237
Assumption + second · ends Dec 2054, second Dec 2056$582,314
New conventional · ends Dec 2056$618,743