Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,860/mo
Lowest payment- Down payment
- $162,188
- Funds due
- $175,059
- Interest + MI left
- $455,638
- First ends
- Nov 2054
Assumption
Assumption + second
$3,667/mo
+$807/mo- Down payment
- $52,188
- Funds due
- $66,526
- Interest + MI left
- $636,209
- First ends
- Nov 2054
New loan
New conventional
$3,637/mo
+$777/mo- Down payment
- $52,188
- Funds due
- $62,992
- Interest + MI left
- $683,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,712 | $357,712 | $467,712 |
| Second mortgage | — | $110,000 | — |
| First P&I | $2,316.90 | $2,316.90 | $3,168.44 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $168.01 | $168.01 | $93.54 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $2,859.57 | $3,666.71 | $3,636.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,188
Closing costs & prepaids$14,338
Usable credit−$0
Total buyer cash needed$66,526
Earnest money paid−$0
Remaining funds due$66,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$624.00
Prepaid interest, first (9 days)$573.32
Prepaid interest, second (9 days)$216.99
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$49,077Through Dec 2026
Assumption only · ends Nov 2054$455,638
Assumption + second · ends Nov 2054, second Jan 2057$636,209
New conventional · ends Jan 2057$683,872