Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,373/mo
Lowest payment- Down payment
- $52,447
- Funds due
- $62,818
- Interest + MI left
- $335,003
- First ends
- Dec 2052
Assumption
Assumption + second
$2,730/mo
+$357/mo- Down payment
- $17,447
- Funds due
- $29,136
- Interest + MI left
- $428,397
- First ends
- Dec 2052
New loan
New conventional
$2,565/mo
+$192/mo- Down payment
- $17,447
- Funds due
- $25,936
- Interest + MI left
- $479,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,553 | $291,553 | $326,553 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,867.37 | $1,867.37 | $2,212.18 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $218.04 | $218.04 | $65.31 |
| Taxes, insurance & HOA | $287.58 | $287.58 | $287.58 |
| Total housing payment | $2,372.99 | $2,729.64 | $2,565.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,447
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$29,136
Earnest money paid−$0
Remaining funds due$29,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,440.00
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)$412.75
Prepaid interest, first (6 days)$292.83
Prepaid interest, second (6 days)$68.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$73,366Through Dec 2026
Assumption only · ends Dec 2052$335,003
Assumption + second · ends Dec 2052, second Jan 2057$428,397
New conventional · ends Jan 2057$479,238