Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,436/mo
Lowest payment- Down payment
- $86,535
- Funds due
- $97,215
- Interest + MI left
- $419,667
- First ends
- Nov 2055
Assumption
Assumption + second
$2,798/mo
+$362/mo- Down payment
- $41,535
- Funds due
- $53,476
- Interest + MI left
- $505,016
- First ends
- Nov 2055
New loan
New conventional
$2,874/mo
+$439/mo- Down payment
- $41,535
- Funds due
- $50,018
- Interest + MI left
- $558,728
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,465 | $323,465 | $368,465 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,036.13 | $2,036.13 | $2,551.18 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $149.98 | $149.98 | $73.69 |
| Taxes, insurance & HOA | $249.50 | $249.50 | $249.50 |
| Total housing payment | $2,435.61 | $2,797.69 | $2,874.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,535
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$53,476
Earnest money paid−$0
Remaining funds due$53,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$298.50
Prepaid interest, first (1 days)$56.27
Prepaid interest, second (1 days)$11.10
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 6.350%
Interest already paid$20,671Through Nov 2026
Assumption only · ends Nov 2055$419,667
Assumption + second · ends Nov 2055, second Dec 2056$505,016
New conventional · ends Dec 2056$558,728