Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,520/mo
Lowest payment- Down payment
- $98,802
- Funds due
- $110,297
- Interest + MI left
- $423,882
- First ends
- Jan 2056
Assumption
Assumption + second
$2,971/mo
+$451/mo- Down payment
- $42,802
- Funds due
- $55,672
- Interest + MI left
- $530,093
- First ends
- Jan 2056
New loan
New conventional
$2,986/mo
+$465/mo- Down payment
- $42,802
- Funds due
- $52,236
- Interest + MI left
- $558,837
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,198 | $326,198 | $382,198 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,049.17 | $2,049.17 | $2,589.14 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $151.10 | $151.10 | $76.44 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,520.27 | $2,970.86 | $2,985.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,802
Closing costs & prepaids$12,869
Usable credit−$0
Total buyer cash needed$55,672
Earnest money paid−$0
Remaining funds due$55,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$509.94
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 1 moOf the original 30-year loan at 6.34%
Interest already paid$19,069Through Dec 2026
Assumption only · ends Jan 2056$423,882
Assumption + second · ends Jan 2056, second Jan 2057$530,093
New conventional · ends Jan 2057$558,837