Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,096/mo
Lowest payment- Down payment
- $101,539
- Funds due
- $114,253
- Interest + MI left
- $532,434
- First ends
- Jan 2056
Assumption
Assumption + second
$3,506/mo
+$410/mo- Down payment
- $50,539
- Funds due
- $64,616
- Interest + MI left
- $629,162
- First ends
- Jan 2056
New loan
New conventional
$3,501/mo
+$406/mo- Down payment
- $50,539
- Funds due
- $61,104
- Interest + MI left
- $657,185
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,460 | $398,460 | $449,460 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,544.54 | $2,544.54 | $3,044.80 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $184.51 | $184.51 | $89.89 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,095.71 | $3,506.07 | $3,501.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,539
Closing costs & prepaids$14,077
Usable credit−$0
Total buyer cash needed$64,616
Earnest money paid−$0
Remaining funds due$64,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Prepaid interest, first (9 days)$638.63
Prepaid interest, second (9 days)$113.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 6.5%
Interest already paid$23,876Through Dec 2026
Assumption only · ends Jan 2056$532,434
Assumption + second · ends Jan 2056, second Jan 2057$629,162
New conventional · ends Jan 2057$657,185