Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
Lowest payment- Down payment
- $141,606
- Funds due
- $154,532
- Interest + MI left
- $252,980
- First ends
- Dec 2054
Assumption
Assumption + second
$3,127/mo
+$692/mo- Down payment
- $55,606
- Funds due
- $69,952
- Interest + MI left
- $416,091
- First ends
- Dec 2054
New loan
New conventional
$3,835/mo
+$1,400/mo- Down payment
- $55,606
- Funds due
- $66,663
- Interest + MI left
- $722,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,394 | $408,394 | $494,394 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,852.77 | $1,852.77 | $3,349.20 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $195.12 | $195.12 | $98.88 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,434.56 | $3,126.53 | $3,834.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,606
Closing costs & prepaids$14,346
Usable credit−$0
Total buyer cash needed$69,952
Earnest money paid−$0
Remaining funds due$69,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (8 days)$290.91
Prepaid interest, second (8 days)$169.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 8 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 3.25%
Interest already paid$27,138Through Dec 2026
Assumption only · ends Dec 2054$252,980
Assumption + second · ends Dec 2054, second Jan 2057$416,091
New conventional · ends Jan 2057$722,886