Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $77,268
- Funds due
- $87,078
- Interest + MI left
- $302,266
- First ends
- Jul 2056
Assumption
Assumption + second
$2,158/mo
+$378/mo- Down payment
- $30,268
- Funds due
- $41,398
- Interest + MI left
- $391,408
- First ends
- Jul 2056
New loan
New conventional
$2,144/mo
+$364/mo- Down payment
- $30,268
- Funds due
- $38,056
- Interest + MI left
- $392,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,732 | $221,732 | $268,732 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,407.93 | $1,407.93 | $1,820.48 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $102.09 | $102.09 | $53.75 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,779.61 | $2,157.78 | $2,143.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,268
Closing costs & prepaids$11,130
Usable credit−$0
Total buyer cash needed$41,398
Earnest money paid−$0
Remaining funds due$41,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (6 days)$236.92
Prepaid interest, second (6 days)$69.53
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$6,022Through Dec 2026
Assumption only · ends Jul 2056$302,266
Assumption + second · ends Jul 2056, second Jan 2057$391,408
New conventional · ends Jan 2057$392,931