Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,071/mo
Lowest payment- Down payment
- $90,167
- Funds due
- $100,325
- Interest + MI left
- $355,230
- First ends
- Jan 2056
Assumption
Assumption + second
$2,497/mo
+$426/mo- Down payment
- $37,167
- Funds due
- $48,588
- Interest + MI left
- $455,752
- First ends
- Jan 2056
New loan
New conventional
$2,583/mo
+$512/mo- Down payment
- $37,167
- Funds due
- $45,174
- Interest + MI left
- $504,764
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,833 | $279,833 | $332,833 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,729.07 | $1,729.07 | $2,304.47 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $129.53 | $129.53 | $66.57 |
| Taxes, insurance & HOA | $212.08 | $212.08 | $212.08 |
| Total housing payment | $2,070.68 | $2,497.13 | $2,583.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,167
Closing costs & prepaids$11,422
Usable credit−$0
Total buyer cash needed$48,588
Earnest money paid−$0
Remaining funds due$48,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$186.25
Prepaid interest, first (1 days)$47.46
Prepaid interest, second (1 days)$13.07
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 6.190%
Interest already paid$14,514Through Nov 2026
Assumption only · ends Jan 2056$355,230
Assumption + second · ends Jan 2056, second Dec 2056$455,752
New conventional · ends Dec 2056$504,764