Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
Lowest payment- Down payment
- $148,694
- Funds due
- $162,449
- Interest + MI left
- $477,711
- First ends
- Dec 2055
Assumption
Assumption + second
$3,904/mo
+$700/mo- Down payment
- $61,694
- Funds due
- $76,828
- Interest + MI left
- $642,718
- First ends
- Dec 2055
New loan
New conventional
$4,272/mo
+$1,067/mo- Down payment
- $61,694
- Funds due
- $73,293
- Interest + MI left
- $809,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,306 | $466,306 | $553,306 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,574.71 | $2,574.71 | $3,748.29 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $216.85 | $216.85 | $110.66 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $3,204.24 | $3,904.26 | $4,271.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,694
Closing costs & prepaids$15,134
Usable credit−$0
Total buyer cash needed$76,828
Earnest money paid−$0
Remaining funds due$76,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$738.00
Prepaid interest, first (6 days)$392.46
Prepaid interest, second (6 days)$128.71
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 closing29 yrOf the original 30-year loan at 5.12%
Interest already paid$24,066Through Dec 2026
Assumption only · ends Dec 2055$477,711
Assumption + second · ends Dec 2055, second Jan 2057$642,718
New conventional · ends Jan 2057$809,025