Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,072/mo
Lowest payment- Down payment
- $123,924
- Funds due
- $136,157
- Interest + MI left
- $512,659
- First ends
- Nov 2054
Assumption
Assumption + second
$3,643/mo
+$571/mo- Down payment
- $52,924
- Funds due
- $66,442
- Interest + MI left
- $647,321
- First ends
- Nov 2054
New loan
New conventional
$3,651/mo
+$580/mo- Down payment
- $52,924
- Funds due
- $62,876
- Interest + MI left
- $715,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,076 | $401,076 | $472,076 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,595.02 | $2,595.02 | $3,268.56 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $188.17 | $188.17 | $94.42 |
| Taxes, insurance & HOA | $288.42 | $288.42 | $288.42 |
| Total housing payment | $3,071.62 | $3,642.90 | $3,651.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,924
Closing costs & prepaids$13,518
Usable credit−$0
Total buyer cash needed$66,442
Earnest money paid−$0
Remaining funds due$66,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$365.25
Prepaid interest, first (2 days)$142.85
Prepaid interest, second (2 days)$35.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$52,795Through Nov 2026
Assumption only · ends Nov 2054$512,659
Assumption + second · ends Nov 2054, second Dec 2056$647,321
New conventional · ends Dec 2056$715,935