Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,979/mo
Lowest payment- Down payment
- $56,053
- Funds due
- $67,705
- Interest + MI left
- $476,271
- First ends
- Dec 2054
Assumption
Assumption + second
$3,316/mo
+$336/mo- Down payment
- $23,053
- Funds due
- $36,019
- Interest + MI left
- $564,328
- First ends
- Dec 2054
New loan
New conventional
$3,298/mo
+$319/mo- Down payment
- $23,053
- Funds due
- $32,776
- Interest + MI left
- $624,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,697 | $392,697 | $425,697 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,465.33 | $2,465.33 | $2,883.82 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $184.49 | $184.49 | $85.14 |
| Taxes, insurance & HOA | $329.50 | $329.50 | $329.50 |
| Total housing payment | $2,979.32 | $3,315.59 | $3,298.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,053
Closing costs & prepaids$12,966
Usable credit−$0
Total buyer cash needed$36,019
Earnest money paid−$0
Remaining funds due$36,019
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,487.50
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)$538.50
Prepaid interest, first (6 days)$400.23
Prepaid interest, second (6 days)$64.42
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 closing28 yrOf the original 30-year loan at 6.2%
Interest already paid$49,342Through Dec 2026
Assumption only · ends Dec 2054$476,271
Assumption + second · ends Dec 2054, second Jan 2057$564,328
New conventional · ends Jan 2057$624,653