Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,871/mo
Lowest payment- Down payment
- $328,184
- Funds due
- $340,706
- Interest + MI left
- $304,094
- First ends
- Jan 2056
Assumption
Assumption + second
$3,819/mo
+$1,949/mo- Down payment
- $56,184
- Funds due
- $70,013
- Interest + MI left
- $733,605
- First ends
- Jan 2056
New loan
New conventional
$3,872/mo
+$2,001/mo- Down payment
- $56,184
- Funds due
- $66,405
- Interest + MI left
- $756,388
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,816 | $226,816 | $498,816 |
| Second mortgage | — | $272,000 | — |
| First P&I | $1,447.04 | $1,447.04 | $3,453.70 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $104.93 | $104.93 | $99.76 |
| Taxes, insurance & HOA | $318.83 | $318.83 | $318.83 |
| Total housing payment | $1,870.80 | $3,819.44 | $3,872.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,184
Closing costs & prepaids$13,830
Usable credit−$0
Total buyer cash needed$70,013
Earnest money paid−$0
Remaining funds due$70,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$456.50
Prepaid interest, first (1 days)$40.39
Prepaid interest, second (1 days)$57.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.500%
Interest already paid$12,350Through Nov 2026
Assumption only · ends Jan 2056$304,094
Assumption + second · ends Jan 2056, second Dec 2056$733,605
New conventional · ends Dec 2056$756,388