Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,665/mo
Lowest payment- Down payment
- $72,329
- Funds due
- $83,620
- Interest + MI left
- $450,278
- First ends
- Dec 2055
Assumption
Assumption + second
$2,907/mo
+$241/mo- Down payment
- $42,329
- Funds due
- $54,915
- Interest + MI left
- $507,178
- First ends
- Dec 2055
New loan
New conventional
$2,952/mo
+$287/mo- Down payment
- $42,329
- Funds due
- $51,480
- Interest + MI left
- $552,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,671 | $347,671 | $377,671 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,186.25 | $2,186.25 | $2,558.47 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $161.21 | $161.21 | $75.53 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,665.46 | $2,906.84 | $2,952.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,329
Closing costs & prepaids$12,586
Usable credit−$0
Total buyer cash needed$54,915
Earnest money paid−$0
Remaining funds due$54,915
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$362.34
Prepaid interest, second (6 days)$44.38
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 yrOf the original 30-year loan at 6.34%
Interest already paid$22,183Through Dec 2026
Assumption only · ends Dec 2055$450,278
Assumption + second · ends Dec 2055, second Jan 2057$507,178
New conventional · ends Jan 2057$552,217