Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,160/mo
Lowest payment- Down payment
- $144,901
- Funds due
- $158,270
- Interest + MI left
- $492,684
- First ends
- Dec 2054
Assumption
Assumption + second
$3,868/mo
+$708/mo- Down payment
- $56,901
- Funds due
- $71,715
- Interest + MI left
- $659,588
- First ends
- Dec 2054
New loan
New conventional
$3,899/mo
+$739/mo- Down payment
- $56,901
- Funds due
- $68,170
- Interest + MI left
- $735,513
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,099 | $415,099 | $503,099 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,574.36 | $2,574.36 | $3,408.17 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $195.12 | $195.12 | $100.62 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $3,160.15 | $3,868.21 | $3,899.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,901
Closing costs & prepaids$14,815
Usable credit−$0
Total buyer cash needed$71,715
Earnest money paid−$0
Remaining funds due$71,715
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Prepaid interest, first (9 days)$622.31
Prepaid interest, second (9 days)$195.29
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 yrOf the original 30-year loan at 6.08%
Interest already paid$51,162Through Dec 2026
Assumption only · ends Dec 2054$492,684
Assumption + second · ends Dec 2054, second Jan 2057$659,588
New conventional · ends Jan 2057$735,513