Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,310/mo
Lowest payment- Down payment
- $78,006
- Funds due
- $90,383
- Interest + MI left
- $473,392
- First ends
- Dec 2052
Assumption
Assumption + second
$3,543/mo
+$233/mo- Down payment
- $49,006
- Funds due
- $62,676
- Interest + MI left
- $528,395
- First ends
- Dec 2052
New loan
New conventional
$3,438/mo
+$129/mo- Down payment
- $49,006
- Funds due
- $59,199
- Interest + MI left
- $644,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,993 | $411,993 | $440,993 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,638.77 | $2,638.77 | $2,987.44 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $308.11 | $308.11 | $88.20 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $3,309.55 | $3,542.89 | $3,438.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,006
Closing costs & prepaids$13,670
Usable credit−$0
Total buyer cash needed$62,676
Earnest money paid−$0
Remaining funds due$62,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.99
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)$588.00
Prepaid interest, first (6 days)$413.80
Prepaid interest, second (6 days)$42.90
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$103,673Through Dec 2026
Assumption only · ends Dec 2052$473,392
Assumption + second · ends Dec 2052, second Jan 2057$528,395
New conventional · ends Jan 2057$644,805