Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,798/mo
Lowest payment- Down payment
- $251,882
- Funds due
- $265,652
- Interest + MI left
- $456,140
- First ends
- Jun 2056
Assumption
Assumption + second
$4,185/mo
+$1,387/mo- Down payment
- $62,882
- Funds due
- $78,150
- Interest + MI left
- $766,393
- First ends
- Jun 2056
New loan
New conventional
$4,293/mo
+$1,495/mo- Down payment
- $62,882
- Funds due
- $74,517
- Interest + MI left
- $813,025
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,118 | $367,118 | $556,118 |
| Second mortgage | — | $189,000 | — |
| First P&I | $2,214.45 | $2,214.45 | $3,767.34 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $169.29 | $169.29 | $111.22 |
| Taxes, insurance & HOA | $414.25 | $414.25 | $414.25 |
| Total housing payment | $2,797.99 | $4,184.80 | $4,292.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,882
Closing costs & prepaids$15,268
Usable credit−$0
Total buyer cash needed$78,150
Earnest money paid−$0
Remaining funds due$78,150
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Prepaid interest, first (6 days)$362.09
Prepaid interest, second (6 days)$248.55
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 6 moOf the original 30-year loan at 6%
Interest already paid$11,053Through Dec 2026
Assumption only · ends Jun 2056$456,140
Assumption + second · ends Jun 2056, second Jan 2057$766,393
New conventional · ends Jan 2057$813,025