Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $161,811
- Funds due
- $173,918
- Interest + MI left
- $457,713
- First ends
- Nov 2054
Assumption
Assumption + second
$3,575/mo
+$800/mo- Down payment
- $52,811
- Funds due
- $66,192
- Interest + MI left
- $636,643
- First ends
- Nov 2054
New loan
New conventional
$3,617/mo
+$843/mo- Down payment
- $52,811
- Funds due
- $62,621
- Interest + MI left
- $708,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,089 | $358,089 | $467,089 |
| Second mortgage | — | $109,000 | — |
| First P&I | $2,316.90 | $2,316.90 | $3,234.03 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $168.01 | $168.01 | $93.42 |
| Taxes, insurance & HOA | $289.83 | $289.83 | $289.83 |
| Total housing payment | $2,774.73 | $3,574.54 | $3,617.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,811
Closing costs & prepaids$13,381
Usable credit−$0
Total buyer cash needed$66,192
Earnest money paid−$0
Remaining funds due$66,192
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,199.00
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)$369.50
Prepaid interest, first (1 days)$63.77
Prepaid interest, second (1 days)$23.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.500%
Interest already paid$47,137Through Nov 2026
Assumption only · ends Nov 2054$457,713
Assumption + second · ends Nov 2054, second Dec 2056$636,643
New conventional · ends Dec 2056$708,278