Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $190,449
- Funds due
- $201,951
- Interest + MI left
- $314,204
- First ends
- Apr 2056
Assumption
Assumption + second
$3,048/mo
+$1,064/mo- Down payment
- $45,449
- Funds due
- $58,423
- Interest + MI left
- $552,229
- First ends
- Apr 2056
New loan
New conventional
$3,115/mo
+$1,130/mo- Down payment
- $45,449
- Funds due
- $54,954
- Interest + MI left
- $584,130
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,551 | $254,551 | $399,551 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,538.63 | $1,538.63 | $2,706.70 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $117.62 | $117.62 | $79.91 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,984.26 | $3,048.21 | $3,114.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,449
Closing costs & prepaids$12,974
Usable credit−$0
Total buyer cash needed$58,423
Earnest money paid−$0
Remaining funds due$58,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (7 days)$292.91
Prepaid interest, second (7 days)$222.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 4 moOf the original 30-year loan at 6%
Interest already paid$10,229Through Dec 2026
Assumption only · ends Apr 2056$314,204
Assumption + second · ends Apr 2056, second Jan 2057$552,229
New conventional · ends Jan 2057$584,130