Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,406/mo
Lowest payment- Down payment
- $45,309
- Funds due
- $55,296
- Interest + MI left
- $353,896
- First ends
- Dec 2052
Assumption
Assumption + second
$2,681/mo
+$275/mo- Down payment
- $18,309
- Funds due
- $29,555
- Interest + MI left
- $425,943
- First ends
- Dec 2052
New loan
New conventional
$2,609/mo
+$203/mo- Down payment
- $18,309
- Funds due
- $26,330
- Interest + MI left
- $515,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,691 | $311,691 | $338,691 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,976.35 | $1,976.35 | $2,345.03 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $232.99 | $232.99 | $67.74 |
| Taxes, insurance & HOA | $196.67 | $196.67 | $196.67 |
| Total housing payment | $2,406.01 | $2,681.14 | $2,609.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,309
Closing costs & prepaids$11,245
Usable credit−$0
Total buyer cash needed$29,555
Earnest money paid−$0
Remaining funds due$29,555
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,570.00
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)$140.00
Prepaid interest, first (1 days)$51.41
Prepaid interest, second (1 days)$8.78
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 closing26 yr 1 moOf the original 30-year loan at 6.020%
Interest already paid$75,647Through Nov 2026
Assumption only · ends Dec 2052$353,896
Assumption + second · ends Dec 2052, second Dec 2056$425,943
New conventional · ends Dec 2056$515,409