Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,100/mo
Lowest payment- Down payment
- $77,087
- Funds due
- $89,513
- Interest + MI left
- $505,126
- First ends
- Jan 2055
Assumption
Assumption + second
$3,333/mo
+$233/mo- Down payment
- $48,087
- Funds due
- $61,828
- Interest + MI left
- $560,129
- First ends
- Jan 2055
New loan
New conventional
$3,334/mo
+$234/mo- Down payment
- $48,087
- Funds due
- $58,357
- Interest + MI left
- $624,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,913 | $397,913 | $426,913 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,556.48 | $2,556.48 | $2,892.06 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $186.54 | $186.54 | $85.38 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,099.69 | $3,333.03 | $3,334.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,087
Closing costs & prepaids$13,741
Usable credit−$0
Total buyer cash needed$61,828
Earnest money paid−$0
Remaining funds due$61,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (9 days)$631.86
Prepaid interest, second (9 days)$64.36
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 closing28 yr 1 moOf the original 30-year loan at 6.44%
Interest already paid$49,712Through Dec 2026
Assumption only · ends Jan 2055$505,126
Assumption + second · ends Jan 2055, second Jan 2057$560,129
New conventional · ends Jan 2057$624,217