Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,581/mo
Lowest payment- Down payment
- $111,925
- Funds due
- $125,494
- Interest + MI left
- $604,872
- First ends
- Jan 2056
Assumption
Assumption + second
$4,000/mo
+$418/mo- Down payment
- $59,925
- Funds due
- $74,821
- Interest + MI left
- $703,497
- First ends
- Jan 2056
New loan
New conventional
$4,100/mo
+$518/mo- Down payment
- $59,925
- Funds due
- $71,234
- Interest + MI left
- $774,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,075 | $478,075 | $530,075 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,957.00 | $2,957.00 | $3,590.91 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $221.52 | $221.52 | $106.02 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $3,581.19 | $3,999.59 | $4,099.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,925
Closing costs & prepaids$14,896
Usable credit−$0
Total buyer cash needed$74,821
Earnest money paid−$0
Remaining funds due$74,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$708.00
Prepaid interest, first (6 days)$486.46
Prepaid interest, second (6 days)$76.93
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 yr 1 moOf the original 30-year loan at 6.19%
Interest already paid$27,290Through Dec 2026
Assumption only · ends Jan 2056$604,872
Assumption + second · ends Jan 2056, second Jan 2057$703,497
New conventional · ends Jan 2057$774,951