Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,448/mo
Lowest payment- Down payment
- $97,173
- Funds due
- $108,491
- Interest + MI left
- $423,625
- First ends
- May 2056
Assumption
Assumption + second
$2,899/mo
+$451/mo- Down payment
- $41,173
- Funds due
- $53,866
- Interest + MI left
- $529,837
- First ends
- May 2056
New loan
New conventional
$2,886/mo
+$438/mo- Down payment
- $41,173
- Funds due
- $50,431
- Interest + MI left
- $539,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,827 | $312,827 | $368,827 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,990.08 | $1,990.08 | $2,498.56 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $144.31 | $144.31 | $73.77 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,448.39 | $2,898.97 | $2,886.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,173
Closing costs & prepaids$12,693
Usable credit−$0
Total buyer cash needed$53,866
Earnest money paid−$0
Remaining funds due$53,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$501.38
Prepaid interest, second (9 days)$124.27
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 closing29 yr 5 moOf the original 30-year loan at 6.5%
Interest already paid$11,905Through Dec 2026
Assumption only · ends May 2056$423,625
Assumption + second · ends May 2056, second Jan 2057$529,837
New conventional · ends Jan 2057$539,286