Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,287/mo
Lowest payment- Down payment
- $47,628
- Funds due
- $58,118
- Interest + MI left
- $364,111
- First ends
- Dec 2054
Assumption
Assumption + second
$2,592/mo
+$306/mo- Down payment
- $17,628
- Funds due
- $29,456
- Interest + MI left
- $444,163
- First ends
- Dec 2054
New loan
New conventional
$2,534/mo
+$248/mo- Down payment
- $17,628
- Funds due
- $26,255
- Interest + MI left
- $473,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,362 | $292,362 | $322,362 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,863.44 | $1,863.44 | $2,183.79 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $137.26 | $137.26 | $64.47 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $2,286.70 | $2,592.40 | $2,534.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,628
Closing costs & prepaids$11,829
Usable credit−$0
Total buyer cash needed$29,456
Earnest money paid−$0
Remaining funds due$29,456
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.90
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)$408.00
Prepaid interest, first (9 days)$457.77
Prepaid interest, second (9 days)$87.84
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 6.35%
Interest already paid$37,610Through Dec 2026
Assumption only · ends Dec 2054$364,111
Assumption + second · ends Dec 2054, second Jan 2057$444,163
New conventional · ends Jan 2057$473,023