Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,544/mo
Lowest payment- Down payment
- $245,325
- Funds due
- $256,598
- Interest + MI left
- $244,934
- First ends
- Jul 2056
Assumption
Assumption + second
$2,991/mo
+$1,447/mo- Down payment
- $43,325
- Funds due
- $56,234
- Interest + MI left
- $563,909
- First ends
- Jul 2056
New loan
New conventional
$2,982/mo
+$1,438/mo- Down payment
- $43,325
- Funds due
- $52,752
- Interest + MI left
- $557,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,675 | $179,675 | $381,675 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,140.88 | $1,140.88 | $2,585.60 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $82.73 | $82.73 | $76.34 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,543.61 | $2,990.76 | $2,981.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,325
Closing costs & prepaids$12,909
Usable credit−$0
Total buyer cash needed$56,234
Earnest money paid−$0
Remaining funds due$56,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$287.97
Prepaid interest, second (9 days)$386.01
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 7 moOf the original 30-year loan at 6.5%
Interest already paid$4,880Through Dec 2026
Assumption only · ends Jul 2056$244,934
Assumption + second · ends Jul 2056, second Jan 2057$563,909
New conventional · ends Jan 2057$557,996