Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,489/mo
Lowest payment- Down payment
- $128,184
- Funds due
- $139,836
- Interest + MI left
- $398,439
- First ends
- Dec 2054
Assumption
Assumption + second
$3,165/mo
+$676/mo- Down payment
- $44,184
- Funds due
- $57,272
- Interest + MI left
- $557,756
- First ends
- Dec 2054
New loan
New conventional
$3,086/mo
+$597/mo- Down payment
- $44,184
- Funds due
- $53,795
- Interest + MI left
- $578,602
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,716 | $311,716 | $395,716 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,016.85 | $2,016.85 | $2,680.72 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $146.25 | $146.25 | $79.14 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $2,489.10 | $3,164.98 | $3,085.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,184
Closing costs & prepaids$13,088
Usable credit−$0
Total buyer cash needed$57,272
Earnest money paid−$0
Remaining funds due$57,272
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$499.60
Prepaid interest, second (9 days)$186.41
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$41,033Through Dec 2026
Assumption only · ends Dec 2054$398,439
Assumption + second · ends Dec 2054, second Jan 2057$557,756
New conventional · ends Jan 2057$578,602