Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $121,416
- Funds due
- $131,668
- Interest + MI left
- $334,770
- First ends
- Nov 2055
Assumption
Assumption + second
$2,624/mo
+$668/mo- Down payment
- $38,416
- Funds due
- $49,938
- Interest + MI left
- $492,192
- First ends
- Nov 2055
New loan
New conventional
$2,644/mo
+$687/mo- Down payment
- $38,416
- Funds due
- $46,508
- Interest + MI left
- $517,815
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,484 | $258,484 | $341,484 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,625.42 | $1,625.42 | $2,364.37 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $119.85 | $119.85 | $68.30 |
| Taxes, insurance & HOA | $211.00 | $211.00 | $211.00 |
| Total housing payment | $1,956.27 | $2,624.11 | $2,643.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,416
Closing costs & prepaids$11,522
Usable credit−$0
Total buyer cash needed$49,938
Earnest money paid−$0
Remaining funds due$49,938
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$183.00
Prepaid interest, first (1 days)$44.90
Prepaid interest, second (1 days)$20.47
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 yrOf the original 30-year loan at 6.340%
Interest already paid$16,492Through Nov 2026
Assumption only · ends Nov 2055$334,770
Assumption + second · ends Nov 2055, second Dec 2056$492,192
New conventional · ends Dec 2056$517,815