Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,685/mo
Lowest payment- Down payment
- $193,234
- Funds due
- $204,208
- Interest + MI left
- $277,393
- First ends
- Aug 2056
Assumption
Assumption + second
$2,807/mo
+$1,123/mo- Down payment
- $40,234
- Funds due
- $52,760
- Interest + MI left
- $528,551
- First ends
- Aug 2056
New loan
New conventional
$2,782/mo
+$1,098/mo- Down payment
- $40,234
- Funds due
- $49,309
- Interest + MI left
- $518,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,766 | $201,766 | $354,766 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,283.94 | $1,283.94 | $2,403.31 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $92.81 | $92.81 | $70.95 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,684.75 | $2,807.41 | $2,782.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,234
Closing costs & prepaids$12,526
Usable credit−$0
Total buyer cash needed$52,760
Earnest money paid−$0
Remaining funds due$52,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Prepaid interest, first (9 days)$324.87
Prepaid interest, second (9 days)$301.81
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 8 moOf the original 30-year loan at 6.53%
Interest already paid$4,402Through Dec 2026
Assumption only · ends Aug 2056$277,393
Assumption + second · ends Aug 2056, second Jan 2057$528,551
New conventional · ends Jan 2057$518,656