Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,417/mo
Lowest payment- Down payment
- $245,158
- Funds due
- $255,796
- Interest + MI left
- $245,973
- First ends
- Jul 2056
Assumption
Assumption + second
$2,865/mo
+$1,447/mo- Down payment
- $43,158
- Funds due
- $55,089
- Interest + MI left
- $564,948
- First ends
- Jul 2056
New loan
New conventional
$2,914/mo
+$1,497/mo- Down payment
- $43,158
- Funds due
- $51,610
- Interest + MI left
- $579,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,842 | $179,842 | $381,842 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,140.88 | $1,140.88 | $2,643.80 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $82.73 | $82.73 | $76.37 |
| Taxes, insurance & HOA | $193.75 | $193.75 | $193.75 |
| Total housing payment | $1,417.36 | $2,864.51 | $2,913.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,158
Closing costs & prepaids$11,931
Usable credit−$0
Total buyer cash needed$55,089
Earnest money paid−$0
Remaining funds due$55,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$131.25
Prepaid interest, first (1 days)$32.03
Prepaid interest, second (1 days)$42.89
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 closing29 yr 8 moOf the original 30-year loan at 6.500%
Interest already paid$3,906Through Nov 2026
Assumption only · ends Jul 2056$245,973
Assumption + second · ends Jul 2056, second Dec 2056$564,948
New conventional · ends Dec 2056$579,013