Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,500/mo
Lowest payment- Down payment
- $86,859
- Funds due
- $98,182
- Interest + MI left
- $417,834
- First ends
- Nov 2055
Assumption
Assumption + second
$2,862/mo
+$362/mo- Down payment
- $41,859
- Funds due
- $54,532
- Interest + MI left
- $503,183
- First ends
- Nov 2055
New loan
New conventional
$2,882/mo
+$381/mo- Down payment
- $41,859
- Funds due
- $51,109
- Interest + MI left
- $538,209
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,141 | $323,141 | $368,141 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,036.13 | $2,036.13 | $2,493.92 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $149.98 | $149.98 | $73.63 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,500.11 | $2,862.19 | $2,881.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,859
Closing costs & prepaids$12,673
Usable credit−$0
Total buyer cash needed$54,532
Earnest money paid−$0
Remaining funds due$54,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (9 days)$505.96
Prepaid interest, second (9 days)$99.86
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 11 moOf the original 30-year loan at 6.35%
Interest already paid$22,382Through Dec 2026
Assumption only · ends Nov 2055$417,834
Assumption + second · ends Nov 2055, second Jan 2057$503,183
New conventional · ends Jan 2057$538,209