Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $80,679
- Funds due
- $92,408
- Interest + MI left
- $457,688
- First ends
- Nov 2054
Assumption
Assumption + second
$3,112/mo
+$290/mo- Down payment
- $44,679
- Funds due
- $57,737
- Interest + MI left
- $525,967
- First ends
- Nov 2054
New loan
New conventional
$3,083/mo
+$261/mo- Down payment
- $44,679
- Funds due
- $54,285
- Interest + MI left
- $577,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,321 | $359,321 | $395,321 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,327.32 | $2,327.32 | $2,678.04 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $168.76 | $168.76 | $79.06 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $2,822.08 | $3,111.74 | $3,083.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,679
Closing costs & prepaids$13,059
Usable credit−$0
Total buyer cash needed$57,737
Earnest money paid−$0
Remaining funds due$57,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$528.00
Prepaid interest, first (9 days)$575.90
Prepaid interest, second (9 days)$79.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing27 yr 11 moOf the original 30-year loan at 6.5%
Interest already paid$49,297Through Dec 2026
Assumption only · ends Nov 2054$457,688
Assumption + second · ends Nov 2054, second Jan 2057$525,967
New conventional · ends Jan 2057$577,946