Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,157/mo
Lowest payment- Down payment
- $90,452
- Funds due
- $101,248
- Interest + MI left
- $353,690
- First ends
- Jan 2056
Assumption
Assumption + second
$2,583/mo
+$426/mo- Down payment
- $37,452
- Funds due
- $49,615
- Interest + MI left
- $454,212
- First ends
- Jan 2056
New loan
New conventional
$2,617/mo
+$461/mo- Down payment
- $37,452
- Funds due
- $46,235
- Interest + MI left
- $486,240
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,548 | $279,548 | $332,548 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,729.07 | $1,729.07 | $2,252.80 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $129.53 | $129.53 | $66.51 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $2,156.59 | $2,583.04 | $2,617.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,452
Closing costs & prepaids$12,163
Usable credit−$0
Total buyer cash needed$49,615
Earnest money paid−$0
Remaining funds due$49,615
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)$444.00
Prepaid interest, first (9 days)$426.67
Prepaid interest, second (9 days)$117.62
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 1 moOf the original 30-year loan at 6.19%
Interest already paid$15,958Through Dec 2026
Assumption only · ends Jan 2056$353,690
Assumption + second · ends Jan 2056, second Jan 2057$454,212
New conventional · ends Jan 2057$486,240